Athersys (ATHX)

Business description

Athersys is a US biotech company developing MultiStem (allogeneic stem cells). A Phase II trial with MultiStem in ischaemic stroke is ongoing and further studies in AMI and GvHD are planned.

Share price chart

Share chart

Stock data

Market cap.US$107.4m
Last closeUS$1.39
High / Low (52 weeks)US$4.2 / US$1.1
Stock market listingUS
Forecast net cash (US$m)26
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual0.0(14.2)(18.7)
Relative *(1.1)(15.3)(28.1)

* % 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) (0.53) N/A N/A
2013A 2.4 (24.8) (24.4) (0.42) N/A N/A
2014E 2.2 (29.0) (28.6) (0.37) N/A N/A
2015E 1.6 (26.3) (25.9) (0.33) N/A N/A

Last updated on 29/09/2014

Investment summary

Athersys is developing MultiStem, an allogeneic stem cell product (bone marrow-derived, multipotent adult progenitor cells or MAPCs). Results from a 140-patient Phase II study in ischaemic stroke are expected in Q115, with recruitment to complete in Q414. Positive results could be transformational for the treatment of stroke patients and for Athersys's market valuation. A Phase II trial with MultiStem in acute myocardial infarction should start in late 2014 (supported by a $2.8m NIH grant). A Phase II/III study in GvHD is also proposed, although the start of this programme is dependent on business development/fresh financing. End-Q214 cash was $39m.

Last updated on 30/09/2014

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 30/09/2014

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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