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:

Jason Kolbert, Maxim Group (11/6/15)
"We remain believers in Athersys Inc. and in MultiStem; we see good stroke data, strong enough to attract another major pharma partner in Japan, in our opinion. The data continue to show that time equals brain, but MultiStem is clearly having an impact on patient outcomes."

Jason Kolbert, Maxim Group (10/21/15)
"Athersys Inc. announced that Chugai will not be moving MultiStem forward in Japan but will still be obligated to make final payments owed to Athersys. Critical is the fact that Athersys also announced a letter of intent with what we believe is a significant competitor to Chugai in the Japanese marketplace. . .we believe any partnership (to be announced) will be bigger ($) and expanded (indications beyond stroke) versus the initial Chugai deal. . .it seems logical that Athersys would walk away from Chugai, pick up the balance of remaining payments, and move forward with a new partner and better terms."

Maxim Jacobs, Edison Investment Research (10/21/15)
"Athersys Inc. announced that the agreement with Chugai to develop and commercialize MultiStem in Japan has ended. . .while terminating partnership agreements is generally not positive, this may be an exception as Athersys already has a letter of intent from another Japanese company to re-partner the product. In addition, this new potential partnership will likely be broader as it would encompass multiple areas, not just ischemic stroke, making it potentially more lucrative."

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%."

Management Q&A: View From the Top
Gil Van Bokkelen
Regenerative medicine is surging toward the mainstream, and Athersys Inc. is riding the crest. As the company advances its portfolio of programs, Chairman and CEO Gil Van Bokkelen tells The Life Sciences Report about the promise that MultiStem holds for both patients and investors.
read more >
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."

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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