Q1/10 Results, Athersys, Inc. (NASDAQ:ATHX)
Revenues were $1.7 M with a net loss of $2.6 M or $0.14 per share. Q1/10 revenue was $1.7 M, due principally to contract revenues in connection with the collaboration with Pfizer. R&D expenses of $2.8 M reflected increases in personnel costs, sponsored research while other R&D expenses, patent legal fees were partially offset by decreases in stock compensation expense and clinical and preclinical development costs. G&A expenses remained consistent at $1.44 M. As of 3/31/10, cash, cash equivalents and available-for-sale securities totaled $22.5 M.
Q1/10 Highlights:
- Commenced preclinical development activities in collaboration with Pfizer to develop MultiStem(R), adult-derived “off-the-shelf” stem cell product platform, for the treatment of inflammatory bowel disease (IBD);
- Completed patient enrollment in P I clinical trial of MultiStem in acute myocardial infarction (AMI);
- Completed the first two dosing levels in the first arm of the phase I clinical trial for transplant support in leukemia or lymphoma patients (GvHD); enrolling patients at third and highest dose level in this study;
- Received authorization from the independent safety committee to commence the 2nd arm of the GvHD phase I trial, which involves multi-dose administration of MultiStem;
- Notified of key United States and European patent issuances, further broadening MultiStem’s intellectual property estate.
Categories: Independent Equity Research
