Athersys Inc.

Athersys Inc. is a clinical-stage biotechnology company developing MultiStem, a patented, adult-derived "off-the-shelf" stem cell product platform for the cardiovascular, neurological, inflammatory and immune disease areas. The company currently has five clinical stage programs involving MultiStem, including those for treating inflammatory bowel disease (partnered with Pfizer Inc.), ischemic stroke, damage caused by myocardial infarction and for the prevention of graft-versus-host disease. Athersys has additional pharmaceutical programs in the metabolic and neurological areas, and a broad international network of collaborations with leading clinical and research institutions.

Expert Comments:

Maxim Jacobs, Edison Investment Research (8/19/15)
"In its Q2/15 earnings release, Athersys Inc. provided much needed additional data with regard to its Phase 2 MultiStem trial in ischemic stroke. . .the company provided additional data on the primary endpoint of global recovery: 30.8% of those in the treatment arm had a 'good' or 'excellent' recovery compared to 24.6% in the placebo arm. . .we have increased our fair value to $256M (versus $205M) or $3.09/share (versus $2.55), primarily due to an increase in the probability of success for the program from 20% to 25%."

Jason Kolbert, Maxim Group (8/7/15)
"Athersys Inc.'s analyses show that patients who received MultiStem treatment earlier in the treatment window (24–36 hours post-stroke) had better recovery in comparison to those patients who received placebo, in a number of parameters, including substantially reduced hospitalization times and reduced time in the intensive care unit. . .MultiStem appears to be able to extend the treatment window in stroke from a few hours to 36 hours. That is dramatic. . .safety and tolerability are not an issue."

Christian Glennie, Edison Investment Research (5/5/15)
"Athersys Inc. has reported headline data from its highly anticipated Phase 2 study of MultiStem in the semi-acute treatment of ischemic stroke. The stem cell therapy demonstrated a favorable safety profile. . .a post hoc analysis indicates that earlier dosing (≤36 hours post stroke) with MultiStem may impart a meaningful clinical benefit."

Jason Kolbert, Maxim Group (4/29/15)
"As an informative Phase 2 study, we are excited because Athersys Inc.'s ischemic stroke data are clear and suggest that a modestly powered pivotal trial should be able to replicate the subgroup data set that this trial produced. The risk/reward equation is highly favorable; safety and tolerability are not an issue, so the question is: What is the treatment window? We know the dose work is close, and the endpoints work."

Jason Kolbert, Maxim Group (4/21/15)
"We are bullish on Athersys Inc. because of what the stroke trial data are saying to us; what they say is that there is a strong signal. . .MultiStem appears to be able to extend the treatment window in stroke from a few hours to 36 hours. That is dramatic. . .stay the course."

Jason Kolbert, Maxim Group (4/17/15)
"Athersys Inc. released trial data this morning and the data are complex, but we are encouraged. A subgroup analysis (27 of the 65 active patients) demonstrated that MultiStem, when delivered within 36 hours (but not beyond to 48), has a dramatic effect on the endpoints. . .the trial does point the way forward and that is where we are focused."

More Expert Comments

Experts Following This Company

Christian Glennie – Edison Investment Research
Maxim Jacobs – Edison Investment Research
Christopher James, Managing Director, Senior Equity Research Analyst – Brinson Patrick Securities Corporation
Jason Kolbert, Senior Analyst – Maxim Group
Henry McCusker, Founder and Director of Research – Scimitar Equity
Edward Stopke, Analyst – Sagient Research
Alain Vertes, Managing Director – NxR Biotechnologies GmbH

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