CLEVELAND, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) today announced its financial results for the second quarter ended June 30, 2012. Second quarter and recent highlights include:
- Continued advancement of ongoing MultiStem ® Phase 2 clinical studies for treatment of ulcerative colitis, with Pfizer Inc., and for treating ischemic stroke;
- Accelerated characterization and development of the company's 5HT2c agonist portfolio for obesity and other disorders, and business development outreach and discussions, building on momentum from recent Lorcaserin and Qnexa obesity drug approvals;
- Engaged in planning and preparation for potential Phase 2/3 clinical study of MultiStem administration to prevent or reduce graft-versus-host disease (GvHD), following productive 2 nd quarter meeting with FDA;
- Received a U.S. patent providing protection through 2028 for the use of non-embryonic multipotent stem cells for the reduction in severity or prevention of GvHD, an indication for which the company already has orphan drug designation;
- Granted orphan drug designation by the FDA for MultiStem cell therapy for the treatment of Hurler's Syndrome, and published preclinical study results suggesting that MultiStem cells could provide benefit to patients suffering from other orphan neurological conditions, such as Hurler's Syndrome (in the journal Cell Transplantation);
- Recorded revenues of $2.7 million and a net loss of $3.7 million for the quarter ended June 30, 2012; and
- Ended the quarter with $10.9 million in cash and cash equivalents.
"In the second quarter of 2012, we were focused on progress in our ongoing clinical-stage programs evaluating our proprietary cell therapy platform, MultiStem, for ulcerative colitis and ischemic stroke, while making solid headway on planning for future clinical studies," said Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer.
"In addition, we continue our development and evaluation of novel, potent, highly selective compounds that act through stimulation of the 5HT2c serotonin receptor for the treatment of obesity and other conditions. Preclinical studies suggest that our 5HT2c agonist program may provide significantly better weight loss than competing approaches that were recently approved by the FDA, and provide a better safety profile due to superior compound selectivity.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV