|High / Low (52 weeks)||US$4.0 / US$1.1|
|Stock market listing||US|
|Forecast net cash (US$m)||25.4|
|Forecast gearing ratio (%)||N/A|
|Sector||Pharmaceutical & Healthcare|
* % 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)|
Last updated on 18/12/2014
Enrolment in the potentially pivotal Phase II study assessing MultiStem in ischaemic stroke patients is now complete. With a 90-day primary efficacy endpoint, headline data are expected towards the end of Q115. The bulk of our valuation of Athersys at $275m ($3.55/share) is attributed to MultiStem’s potential in ischaemic stroke, so positive results could re-rate the stock. For illustration, raising the probability of success to 50% (vs 20% currently) would boost our valuation to ~$595m ($7.70/share).
Last updated on 12/01/2015
Athersys is well positioned in terms of its stage of development and the profile of its MAPCs, in terms of safety, high dose (>1bn cells), and convenient mode of delivery (IV). The MAPCs appear to be substantially differentiated from other MSCs. Regenerative medicine is gaining traction and recognition by global regulators (eg accelerated approval pathway in Japan).
Last updated on 22/12/2014
|Gil Van Bokkelen, CEO|
|William (BJ) Lehmann, President and COO|