Photoreceptor Development Program Announced. Lineage Cell announced a new program to develop photoreceptor cells for transplantation. This is an additional application of Lineage's proprietary cell-based technology for growing pluripotent cells into differentiated cells that can be transplanted to repair areas where cells have been lost to disease. The new program will develop cell transplants for the rod and cone photoreceptor cells in the eye.Photoreceptor Program Fits With OpRegen. Lineage Cell's most advanced product is OpRegen, a retinal pigmented epithelial (RPE) cell transplant therapy for age-related macular degeneration (dry AMD). The new photoreceptor program will develop cells to repair a different type of cell in the retina. The photoreceptor cell transplants have potential to address conditions such as retinitis pigmentosa, macular dystrophy, and retinal cell loss.Lineage Continues To Fund Technology Development and New Pipeline Products OpRegen Phase 1/2 data was released during 2021, followed by a collaborative agreement with Genentech/Roche. The agreement gave Genentech development rights in exchange for $50 million in signing fees, plus future milestones and royalties on sales worth up to $670 million. Lineage continues to advance additional indications, reinvesting in its pipeline products and technology development.The New Photoreceptor Program Fits With Other Cell Transplants. The new program follows an announcement in March 2022 in which Lineage Cell announced a program to develop auditory transplant cells for use in neuronal-based hearing loss. This type of hearing loss is based on loss or dysfunction of the cells that transmit impulses to the brain, in contrast to hearing loss from impairment of auditory functions in detecting and transmitting sound.Conclusion. The new photoreceptor program is an additional application of Lineage Cell's core technology. We see it as complimentary to OpRegen in both its technology and its markets, which could be part of a product portfolio for repairing cellular loss in eye diseases. We are reiterating our Outperform rating and $8 price target. Read More >>