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 is complete, while further studies in AMI (Phase II) and ARDS (Phase IIa) are planned.

Share price chart

Share chart

Stock data

Market cap.US$108.6m
Last closeUS$1.31
High / Low (52 weeks)US$3.3 / US$1.2
Stock market listingUS
Forecast net cash (US$m)20.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual12.9(55.6)(22)
Relative *12.9(55.4)(28.8)

* % Relative to local index

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Company news

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

Mon, 20 Apr 2015 13:12:00 GMT

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

Fri, 17 Apr 2015 16:18:41 GMT

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

Thu, 09 Apr 2015 16:25:39 GMT

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

Fri, 01 May 2015 13:41:15 GMT

Why Athersys, Inc. Shares Are Soaring Higher Today

Wed, 08 Apr 2015 20:00:27 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) (42.3) N/A N/A
2014A 1.6 (29.3) (28.9) (37.3) N/A N/A
2015E 1.9 (29.9) (29.5) (36.2) N/A N/A
2016E 1.7 (31.0) (30.7) (37.2) N/A N/A

Last updated on 20/05/2015

Investment summary

Athersys is developing MultiStem, an allogeneic, bone marrow-derived stem cell product. Recent results from a 140-patient Phase II study in ischaemic stroke showed the treatment to be safe and revealed a potential benefit when dosed <36 hours post stroke (vs 3-5 hours with tPA), although the primary/secondary endpoints were not met. Athersys is assessing net next development steps, while Chugai has an option to develop the product in Japan ($200m deal struck in March 2015). A Phase II trial with MultiStem in acute myocardial infarction is now underway (supported by a $2.8m NIH grant), while a £2m grant from Innovate UK will be used to support a Phase IIa study in H215 for acute respiratory distress syndrome (ARDS). End-Q115 cash was $35.5m, boosted by the $10m upfront fee from Chugai, a $7.6m draw-down from the Aspire Capital equity facility, and $1m from the exercise of warrants in Q115.

Last updated on 01/06/2015

Industry outlook

Athersys appears 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 01/06/2015

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