Athersys (ATHX)

Business description

Athersys is a US biotech company developing MultiStem (allogeneic, bone marrow-derived stem cells). A Ph II trial with MultiStem in ischaemic stroke is ongoing (data in Q115) and further studies in AMI (Ph II) and GvHD (Ph II/III) are planned.

Share price chart

Share chart

Stock data

Market cap.US$228.7m
Last closeUS$2.95
High / Low (52 weeks)US$3.8 / US$1.1
Stock market listingUS
Forecast net cash (US$m)25.4
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual44.6118.5(22)
Relative *38.0113.3(32)

* % 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) (52.6) N/A N/A
2013A 2.4 (24.8) (24.4) (42.3) N/A N/A
2014E 1.8 (29.7) (29.3) (38.2) N/A N/A
2015E 1.6 (26.6) (26.2) (33.5) N/A N/A

Last updated on 24/02/2015

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 the semi-acute treatment of ischaemic stroke are expected in March 2015, assessing stroke recovery 90 days after dosing. 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 Q115 (supported by a $2.8m NIH grant), while a recent £2m grant from Innovate UK will be used to support a Phase IIa study in acute respiratory distress syndrome (ARDS). A Phase II/III study in GvHD is also proposed, although the start of this programme is dependent on business development/fresh financing. End-Q314 cash was $32m.

Last updated on 02/03/2015

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 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 02/03/2015

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
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