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TheStreet Open House

Athersys Reports Fourth Quarter And 2012 Annual Results

Stocks in this article: ATHX

CLEVELAND, March 12, 2013 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) today announced its financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter and 2012 Highlights:

  • Raised $21.2 million net proceeds in the fourth quarter, including the full exercise of underwriters' over-allotment option, in a public offering of common stock to be used for working capital and general corporate purposes, including funding for ongoing clinical trials;
  • Continued Phase II clinical study with partner, Pfizer, involving administration of MultiStem ® cells to patients suffering from ulcerative colitis. This double blind, placebo-controlled trial will include approximately 130 patients with initial results expected in second half of 2013;
  • Advanced our Phase II clinical study of the administration of the MultiStem cell product to patients who have suffered ischemic stroke into large efficacy cohort of this double blind, placebo-controlled trial of 136 patients;
  • Developed and submitted to FDA a clinical trial plan for conducting a Phase II-III study of MultiStem administration intended to both reduce the incidence and severity of graft-versus-host disease, or GvHD, and provide other benefits for patients undergoing hematopoietic stem cell transplantation;
  • Received ten new patents during 2012 covering aspects of the Company's cell therapy technology, including issuances in the United States and other important jurisdictions;
  • Published five articles in quality, peer-reviewed journals during 2012, further describing the MultiStem cells' mechanisms of action and potential applications, as well as the breadth of our third party research collaborations;
  • Named for second year to Deloitte's Technology Fast 500™, the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America;
  • Advanced partnering discussions on both the development of novel small molecule therapies to treat obesity and other conditions such as schizophrenia, acting through stimulation of the 5HT2c receptor, and on certain regenerative medicine programs;
  • Recorded revenues of $2.3 million and a net loss of $3.2 million for this quarter ended December 31, 2012, and for the year ended December 31, 2012, recorded revenues of $8.7 million and a net loss of $14.7 million; and
  • Ended the year with $25.5 million in cash and cash equivalents.

"We continue to focus our resources on developing MultiStem for the treatment and prevention of diseases and conditions where there is a significant unmet medical need," said Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer.  "Our key programs address the potential benefit of MultiStem to treat neurological conditions, inflammatory and immune disorders, and cardiovascular disease. Success in any of these indications could open up a broader set of opportunities for Athersys and our partners in related areas.

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