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As interest in alternative medicines has risen, so has the number of clinics pushing the supposed benefits of stem cell therapies. These businesses say stem cells have the power to help the body repair itself, without surgery or painful side effects. They’re using them to treat everything from cosmetic “flaws” (sagging skin and hair loss) to life-changing ailments (Parkinson’s disease and diabetes). The clinics’ pitches are carefully crafted to hype potentially dramatic results, without running afoul of federal regulators. A “rejuvenation center” in Arizona sells a treatment that will “improve your marriage.” A Florida stem cell company advertises “groundbreaking advances” that give patients “the ability to fight back against diseases once thought untreatable.” And a California outfit claims its customers have reported “higher energy levels, better sleep, and overall improved quality of life.”

It all sounds appealing, maybe even borderline miraculous, but the safety and effectiveness of such services is, at best, questionable. Until now, stem cell clinics have faced only minimal scrutiny from the Food and Drug Administration. Unlike drugs and medical devices, stem cell...