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$126.4m
Last closeUS$1.640
High / Low (52 weeks)US$4.2 / US$1.3
Stock market listingNASDAQ
Forecast net cash (US$m)26.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(8.9)14.76.5
Relative *(9.3)9.4(8.9)

* % 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 2.5 (27.4) (26.9) (34.84) N/A N/A
2015E 1.8 (27.2) (26.8) (33.90) N/A N/A

Last updated on 19/06/2014

Investment summary

Athersys is developing MultiStem, an allogeneic stem cell product (bone marrow-derived, multipotent adult progenitor cells or MAPCs) and results from a 140-patient Phase II study in ischaemic stroke are expected in Q414. A Phase II study, conducted by partner Pfizer, in 88 moderate-to-severe ulcerative colitis (UC) patients did not show efficacy after eight weeks in reducing disease scores, although the data did confirm MultiStem's good safety profile. A Phase II trial with MultiStem in acute myocardial infarction should start in late 2014 (supported by a $2.8m NIH grant), while a Phase II/III study in GvHD is also proposed. End-Q114 cash was $45m.

Last updated on 30/06/2014

Industry outlook

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.

Last updated on 30/06/2014

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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