"With our strong collaborations and proceeds from the recent sale of stock and warrants, we believe Athersys is well-positioned to advance a number of promising programs further into the development process," concluded Dr. Van Bokkelen.
Fourth Quarter Results
Revenues for the three months ended December 31, 2010 increased to $3.3 million from $0.9 million in the comparable period in 2009, primarily as a result of our collaborations with Pfizer and RTI Biologics and the receipt of three Therapeutic Discovery Project grants aggregating approximately $733,000 as part of the Patient Protection and Affordable Care Act of 2010. Research and development expenses increased to $4.2 million in the fourth quarter from $4.1 million in the prior year period due principally to increases in clinical and preclinical development costs, sponsored research and patent legal costs, partially offset by decreases in stock compensation and other expenses. General and administrative expenses decreased to $1.1 million for the three months ended December 31, 2010 from $1.7 million in the comparable period in 2009 due principally to a decrease in stock-based compensation expense. Net loss for the three months ended December 31, 2010 decreased to $2.1 million from a net loss of $5.0 million for the comparable period in 2009 primarily due to the higher revenues in the 2010 period. As of December 31, 2010, cash, cash equivalents and available-for-sale securities totaled $15.2 million.
2010 Annual ResultsFor the year ended December 31, 2010, revenues increased to $8.9 million from $2.2 million in the same period in 2009 primarily due to our collaborations with Pfizer and RTI and the receipt of the three Therapeutic Discovery Project grants described above. Research and development expenses increased to $14.8 million in 2010 from $11.9 million in 2009, resulting from increases in clinical and preclinical development costs, sponsored research, compensation and supply costs, partially offset by a decrease in stock-based compensation. General and administrative expenses decreased slightly in 2010 to $5.4 million from $5.6 million in 2009. The decrease was principally a result of a decrease in stock-based compensation expense that was partially offset by increases in other administrative costs. Net loss decreased to $11.4 million in 2010 from $15.4 million in 2009, primarily due to the increase in revenues, offset in part by the increase in research and development expenses.
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