Column: A stem cell clinic under fire by the FDA and ex-patients files for bankruptcy [Los Angeles Times (CA)]
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Source: Los Angeles Times
StemGenex, the operator of a La Jolla clinic that drew a warning from the Food and Drug Administration that its purported stem cell treatments were illegal, has filed for bankruptcy. The clinic also is facing a class-action lawsuit in San Diego federal court brought by several former customers who say they were misled by its advertising and marketing. The firm’s bankruptcy filing , made on Sept. 5, lists more than $1 million in liabilities and $155,788 in assets — including a Tesla Model X electric car on which it still owes $54,000. The filing opens a window into the scale of StemGenex’s business. It discloses revenues of more than $8.2 million dating back to Jan. 2, 2017. Based on the firm’s standard fee of about $14,900 per treatment, suggesting it may have had as many as 550 customers over that period; some have said they had more than one treatment, for which they were charged separate fees. Neither StemGenex nor its founder and president, Rita Alexander, could be reached Thursd
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