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Athersys Reports Fourth Quarter And 2010 Annual Results

Stocks in this article: ATHX

Conference Call

As previously announced, Gil Van Bokkelen, Chairman and Chief Executive Officer, and William (B.J.) Lehmann, President and Chief Operating Officer, will host a conference call today to review the results as follows:

Date March 14, 2011
Time 4:30 p.m. (Eastern Time)
Telephone access: U.S. and Canada  800-273-1254
Telephone access: International 973-638-3440
Access code 45530421
Live webcast www.athersys.com , under the Investors section

A replay will be available for on-demand listening shortly after the completion of the call until 11:59 PM (Eastern Time) on March 28, 2011, at the aforementioned URL, or by dialing 800-642-1687 in the U.S. and Canada, or 706-645-9291 from abroad, and entering access code 45530421.

About Athersys, Inc.

Athersys is a clinical stage biopharmaceutical company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. The Company is developing MultiStem ®, a patented, adult-derived "off-the-shelf" stem cell product platform for multiple disease indications, including damage caused by myocardial infarction, bone marrow transplantation and oncology treatment support, ischemic stroke, and inflammatory bowel disease. The Company also has developed a portfolio of other therapeutic programs, including orally active pharmaceutical product candidates for the treatment of metabolic and central nervous system disorders, utilizing proprietary technologies, including Random Activation of Gene Expression (RAGE ®). Athersys has forged several key strategic alliances and collaborations with leading pharmaceutical and biotechnology companies, as well as world-renowned research institutions in the United States and Europe to further develop its platform and products. More information is available at www.athersys.com .

The Athersys, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4548

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected timetable for development of our product candidates, our growth strategy, and our future financial performance, including our operations, economic performance, financial condition, prospects, and other future events. We have attempted to identify forward-looking statements by using such words as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "should," "will," or other similar expressions. These forward-looking statements are only predictions and are largely based on our current expectations. A number of known and unknown risks, uncertainties, and other factors could affect the accuracy of these statements. Some of the more significant known risks that we face that could cause actual results to differ materially from those implied by forward-looking statements are the risks and uncertainties inherent in the process of discovering, developing, and commercializing products that are safe and effective for use as human therapeutics, such as the uncertainty regarding market acceptance of our product candidates and our ability to generate revenues, including MultiStem for the treatment of inflammatory bowel disease, acute myocardial infarction, stroke and other disease indications, and the prevention of GVHD. These risks may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Other important factors to consider in evaluating our forward-looking statements include: the completion of our financial statements for the quarter and year ended December 31 2010; the possibility of delays in, adverse results of, and excessive costs of the development process; our ability to successfully initiate and complete clinical trials; changes in external market factors; changes in our industry's overall performance; changes in our business strategy; our ability to protect our intellectual property portfolio; our possible inability to realize commercially valuable discoveries in our collaborations with pharmaceutical and other biotechnology companies; our ability to meet milestones under our collaboration agreements; our collaborators' ability to continue to fulfill their obligations under the terms of our collaboration agreements; our possible inability to execute our strategy due to changes in our industry or the economy generally; changes in productivity and reliability of suppliers; and the success of our competitors and the emergence of new competitors. You should not place undue reliance on forward-looking statements contained in this press release, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

(Tables Follow)

Athersys, Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
     
  December 31, 2010 December 31, 2009
Assets    
Cash, cash equivalents and available-for-sale securities $15,181 $26,382
Other current assets 2,763 847
Equipment, net 955 849
Other long-term assets 207 253
Total assets $19,106 $28,331
     
Liabilities and stockholders' equity     
Accounts payable and accrued expenses $3,297 $2,735
Deferred revenue 6,804 6,639
Total stockholders' equity 9,005 18,957
Total liabilities and stockholders' equity $19,106 $28,331
 
 
Athersys, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
         
         
  Three months ended December 31, Year ended December 31,
  2010 2009 2010 2009
Revenues        
Contract revenue  $2,170 $443 $6,685 $1,079
Grant revenue 1,162 426 2,254 1,080
Total revenues 3,332 869 8,939 2,159
         
Costs and expenses        
Research and development  4,210 4,052 14,779 11,920
General and administrative 1,138 1,693 5,387 5,621
Depreciation 68 58 284 233
 Total costs and expenses 5,416 5,803 20,450 17,774
Loss from operations (2,084) (4,934) (11,511) (15,615)
Other (expense) income, net (2) (143) (69) (126)
Interest income  35 63 203 375
Net loss attributable to common stockholders  $ (2,051)  $ (5,014)  $ (11,377)  $ (15,366)
         
Basic and diluted net loss per common share attributable to common stockholders  $ (0.11)  $ (0.26)  $ (0.60)  $ (0.81)
Weighted average shares outstanding, basic and diluted 18,930,678 18,929,333 18,929,749 18,928,379
CONTACT: William (B.J.) Lehmann, J.D.
         President and Chief Operating Officer
         Tel: (216) 431-9900
         bjlehmann@athersys.com
         
         Investor Relations:
         Lisa M. Wilson
         In-Site Communications
         Tel: (917) 543-9932
         lwilson@insitecony.com

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