Athersys (ATHX)

Business description

Athersys is a US biotech company developing MultiStem (allogeneic, bone marrow-derived stem cells). A Phase II trial with MultiStem in ischaemic stroke reports in April 2015, and further studies in AMI (Phase II) and ARDS (Phase IIa) are planned.

Share price chart

Share chart

Stock data

Market cap.US$98.7m
Last closeUS$1.23
High / Low (52 weeks)US$3.3 / US$1.1
Stock market listingUS
Forecast net cash (US$m)14.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(55.9)(39.1)(24.5)
Relative *(56.9)(41.2)(32.9)

* % Relative to local index

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Company news

ATHERSYS ALERT: National Securities Law Firm Announces Investigation of ...

Fri, 17 Apr 2015 16:18:41 GMT

Maxim Shines Light on Athersys, Inc. Phase 2 Study of MultiStem(R) Cell Therapy

Mon, 20 Apr 2015 13:12:00 GMT

Why Athersys, Inc. Shares Are Soaring Higher Today

Wed, 08 Apr 2015 20:00:27 GMT

Maxim Offers Commentary on Athersys, Inc. Following Call with Stroke Trial ...

Fri, 01 May 2015 13:41:15 GMT

Athersys, Inc. (NASDAQ: ATHX) Stock Is Meeting Resistance

Thu, 09 Apr 2015 16:25:39 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 2.4 (24.8) (24.4) (42.34) N/A N/A
2014A 1.6 (29.3) (28.9) (37.26) N/A N/A
2015E 14.2 (18.4) (18.0) (22.25) N/A N/A
2016E 1.2 (32.3) (31.9) (39.04) N/A N/A

Last updated on 05/05/2015

Investment summary

Athersys has reported headline data from its highly anticipated Phase II study of MultiStem in the semi-acute treatment of ischaemic stroke. The stem cell therapy demonstrated a favourable safety profile, although the primary/secondary efficacy endpoints were not met. While disappointing, a post-hoc analysis indicates that earlier dosing (≤36 hours post-stroke) with MultiStem may impart a meaningful clinical benefit. Our fair value is lowered to $205m ($2.55/share) after a 12-month delay to clinical timelines with a confirmatory study required to determine the early-treatment signal.

Last updated on 05/05/2015

Industry outlook

Athersys is well positioned in terms of its stage of development and the profile of its stem cells, in terms of safety, high dose (>1bn cells), and mode of delivery (IV). Regenerative medicine is gaining traction and recognition by global regulators (eg accelerated approval pathway in Japan).

Last updated on 31/03/2015

Key management

Gil Van Bokkelen, CEO
William (BJ) Lehmann, President and COO

Company address

3201
Carnegie Avenue
Cleveland
OH 4415-26
United States
+1 216-431-9900
View website