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CLEVELAND, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) today announced its financial results for the quarter ended September 30, 2010.
Third Quarter and Recent Highlights Include:
Announced today FDA authorization for the initiation of a Phase II clinical trial of MultiStem ® in inflammatory bowel disease (IBD) as part of its collaboration with Pfizer Regenerative Medicine;
Presented positive top-line data for the Phase I clinical trial of MultiStem ® in acute myocardial infarction (AMI) at Transcatheter Cardiovascular Therapeutics Conference 2010;
Received orphan drug designation for MultiStem in Graft vs. Host Disease (GvHD);
Published groundbreaking preclinical data showing potential neuroprotective effects of MultiStem for traumatic brain injury;
Announced collaborative agreement with RTI Biologics in orthopedic market;
Awarded $0.9 million in grant funding under the Therapeutic Discovery Project and Michael J. Fox Foundation to advance therapeutic programs;
Recorded revenues of $2.0 million and a net loss of $3.7 million for the third quarter ended September 30, 2010; and
Completed the quarter with $17.8 million in cash, cash equivalents and available-for-sale securities expected to support planned operations through 2011.
"This has been a productive period for Athersys," said Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer. "We have achieved important milestones in the clinical development of MultiStem, while continuing to demonstrate progress on both research and business development."
"We take special note of our announcement today that along with our partner, Pfizer, we have received FDA authorization to begin a Phase II clinical trial of MultiStem for treatment of patients suffering from inflammatory bowel disease (IBD)," said Dr. Van Bokkelen. "This authorization is important for Athersys as it validates important elements of our development strategy, and marks a significant achievement in our collaboration with Pfizer."
Third Quarter Results
Revenues for the three months ended September 30, 2010 increased to $2.0 million from $0.5 million for the comparable period in 2009 due principally to an increase in contract revenue. Contract revenue increased $1.4 million for the period primarily as a result of our collaboration with Pfizer. Research and development expenses increased $1.6 million for the three months ended September 30, 2010 from the comparable period in 2009 primarily due to an increase in clinical and preclinical development costs. Net loss for the three months ended September 30, 2010 increased to $3.7 million from $3.4 million for the comparable period in 2009 primarily due to an increase in operating costs and expenses not fully offset by the increase in revenues described above.