This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Athersys Reports Fourth Quarter And 2010 Annual Results

CLEVELAND, March 14, 2011 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) today announced its financial results for the fourth quarter of 2010 and for the year ended December 31, 2010.

Fourth Quarter and Recent Highlights Include:

  • Completed a registered direct offering in February 2011, generating net proceeds of $11.8 million through the issuance of common stock and warrants to purchase 0.3 of a share of common stock at an exercise price of $3.55 per share;
  • Enrolled first patient in the Phase II clinical study being conducted with Pfizer, administering MultiStem ® to patients suffering from ulcerative colitis;
  • Completed patient enrollment for the single dose arm of a clinical study administering MultiStem to patients being treated for leukemia or other blood-born cancers. The multiple ascending dose portion of this graft-versus-host disease, or GVHD, study is ongoing;
  • Published study in the January 2011 Journal of Neuroscience, conducted by the Case Western Reserve University School of Medicine and Athersys, showing the benefit of MultiStem therapy after spinal cord injury;
  • UTHealth and Athersys presented preclinical data illustrating multiple potential benefits of MultiStem for treating ischemic stroke;
  • Received three Therapeutic Discovery Project grants aggregating $733,000 as part of the Patient Protection and Affordable Care Act of 2010 related to MultiStem ® and our pharmaceutical development program in obesity and related metabolic conditions;
  • Recorded revenues of $3.3 million and a net loss of $2.1 million for the fourth quarter ended December 31, 2010; and
  • Ended the year with $15.2 million in cash, cash equivalents and available-for-sale securities, which does not reflect the impact of the recently completed financing.

"In the fourth quarter as throughout 2010, Athersys continued to achieve important milestones," said Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer. "Three MultiStem programs are progressing in clinical studies, including a Phase II study in ulcerative colitis and Phase I studies in acute myocardial infarction and GVHD. We plan to advance our acute myocardial infarction and ischemic stroke programs into Phase II clinical trials in 2011. In addition, recently published results demonstrate the regenerative effects of MultiStem therapy after spinal cord injury, and these and other published results affirm our confidence in pursuing applications in stroke and other neurological conditions."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs