Athersys, Inc. (Nasdaq:ATHX) today announced its financial results for the quarter ended June 30, 2010.
Second Quarter and Recent Highlights Include:
- Announced positive top line data for the phase I clinical trial of MultiStem® in acute myocardial infarction (AMI);
- Hosted 2010 Investor and Research and Development Day with leading collaborators for each of the Company's development programs;
- Advanced Pfizer collaboration to develop MultiStem, our patented, adult-derived "off-the-shelf" stem cell product platform, for the treatment of inflammatory bowel disease;
- Completed the first two dosing levels in the first arm of the phase I clinical trial for transplant support in leukemia or lymphoma patients; now enrolling patients at the third and highest dose level in this study, as well as treating patients in the multiple dose arm;
- Recorded revenues of $1.9 million and a net loss of $3.1 million for the second quarter ended June 30, 2010; and
- Completed the quarter with strong cash position of $20.1 million in cash, cash equivalents and available-for-sale securities.
"Recently we announced the top line data for our phase I safety trial administering MultiStem in AMI patients. We are extremely pleased with the safety profile as well as the one- and four-month patient follow up data," said Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer. "MultiStem was found to be well tolerated at all dose levels and there were no clinically significant changes in vital signs, allergic reactions or infusional toxicities associated with treatment. In addition, the echocardiogram data collected from patients four months after MultiStem was administered demonstrated that the MultiStem treated groups had meaningful cardiac improvement compared to those patients who received only the standard of care. Among patients with significantly compromised cardiovascular function at the time of MultiStem administration, there appears to be an encouraging improvement in cardiovascular function."
Second Quarter Results
Revenues for the three months ended June 30, 2010 increased to $1.9 million from $0.4 million for the comparable period in 2009 due principally to an increase in contract revenue and grant revenue during the second quarter of 2010. Contract revenue increased $1.2 million for the period primarily as a result of the collaboration with Pfizer Inc. Grant revenue increased $0.2 million for the period primarily due to the timing of expenditures that are reimbursed with grant proceeds. Net loss for the three months ended June 30, 2010 decreased to $3.1 million from $3.3 million for the comparable period in 2009 primarily due to an increase in revenues described above partially offset by an increase in research and development expenses. As of June 30, 2010, cash, cash equivalents and available-for-sale securities totaled $20.1 million.