Athersys (ATHX)

Business description

Athersys is a US biotech company developing MultiStem (allogeneic stem cells). Phase II studies are on-going in ulcerative colitis and ischaemic stroke. A 5HT2c agonist programme (obesity/schizophrenia) is available for partnering.

Share price chart

Share chart

Stock data

Market cap.US$225.3m
Last closeUS$2.940
High / Low (52 weeks)US$4.2 / US$1.5
Stock market listingNASDAQ
Forecast net cash (US$m)29.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(13.3)(29.2)38.7
Relative *(13.9)(30.5)15.3

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 8.7 (17.5) (17.1) (52.64) N/A N/A
2013A 2.4 (24.8) (24.4) (42.34) N/A N/A
2014E 4.9 (23.7) (23.3) (30.45) N/A N/A
2015E 6.8 (22.7) (22.3) (28.41) N/A N/A

Last updated on 27/03/2014

Investment summary

Athersys started 2014 with approximately $50m in cash, following equity raises in January ($18.7m) and December 2013 ($18.5m). This provides Athersys with significant financial flexibility as it seeks to fully exploit the potential inherent in MultiStem, its allogeneic stem cell product (bone marrow-derived, multipotent adult progenitor cells - MAPCs). Two important Phase II studies will report in 2014: in ulcerative colitis (data expected April/May; partnered with Pfizer) and in ischaemic stroke (data due H214). A Phase II trial in acute myocardial infarction will start in late 2014 (supported by a $2.8m NIH grant), while a Phase II/III study in GvHD is also proposed.

Last updated on 31/03/2014

Industry outlook

Athersys is well positioned in terms of its stage of development (Phase II), the safety profile and ability to administer very high doses (>1bn cells), as well as the convenient mode of delivery (IV) of its MAPCs. The MAPCs appear to be substantially differentiated from MSCs and deliver enhanced anti-inflammatory effects.

Last updated on 31/03/2014

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
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