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Athersys, Inc. (Nasdaq: ATHX) has entered into a definitive agreement for a registered direct offering of 48 million shares and warrants to purchase an additional 48 million shares of common stock at a price of $0.25 per share. The total gross proceeds are estimated at approximately $12 million, with the company intending to utilize the funds for general corporate purposes. The warrants will have an exercise price of $0.2554, becoming exercisable six months after issuance. The offering is expected to close around August 17, 2022, pending customary conditions.
Athersys, Inc. (NASDAQ: ATHX) reported financial results for Q2 2022, showing revenues of $2.3 million, up from zero in Q2 2021. The company is undergoing a significant restructuring to cut costs, including a workforce reduction of up to 70% and leadership changes. The MASTERS-2 clinical trial for ischemic stroke has been prioritized, doubling patient enrollment rates. However, a related trial, TREASURE, failed to meet its primary endpoint. The net loss for Q2 2022 was $23.6 million, slightly higher than the previous year. Cash reserves decreased to $13.4 million from $37.4 million at the end of 2021.
Athersys, Inc. (NASDAQ: ATHX) announced promising results from a radiation countermeasure study by the Armed Forces Radiobiology Research Institute. The study showed that MultiStem (invimestrocel) administration significantly improved survival rates in an animal model of acute radiation syndrome (ARS), with 84% survival in treated mice compared to 52% in controls (p=0.03). This study supports Athersys's broader strategy of using MultiStem for critical care injuries. Upcoming webinars will discuss preclinical programs, and MultiStem’s potential therapeutic benefits for ARS and other conditions.
Athersys, Inc. (Nasdaq: ATHX) has appointed Kasey Rosado as interim Chief Financial Officer, bringing 18 years of financial and operational experience following the company's recent restructuring. Rosado, a Senior Managing Director at Ankura Consulting Group, has a background in financial turnarounds and will support Athersys's financial strategy during this transformative phase. CEO Dan Camardo highlighted Rosado's relevant experience as crucial for the company's long-term success as it continues to develop its MultiStem cell therapy product.
Athersys, Inc. (Nasdaq: ATHX) is set to announce its second-quarter 2022 financial results on August 11, 2022, at 4:00 PM ET, followed by a conference call at 4:30 PM ET. Shareholders are encouraged to listen via the provided webcast link or dial in for questions. A replay will be available on the company’s website about two hours post-call. Athersys focuses on developing its MultiStem cell therapy for various disease indications, with ongoing clinical trials aimed at commercialization.
Athersys, Inc. (Nasdaq: ATHX) has terminated its equity purchase agreement with Aspire Capital Fund LLC as of July 6, 2022. This agreement had been in place since May 12, 2022. The company is currently exploring alternative financing options to support its operations amid ongoing transformations and expense reductions. CEO Dan Camardo expressed gratitude to Aspire for their past support and noted a detailed business update will be provided at the annual stockholder meeting on July 28, 2022. Camardo has also taken on the role of Principal Financial Officer during the search for a permanent CFO.
Athersys, Inc. (Nasdaq: ATHX) has announced a restructuring plan involving the reduction of its Board of Directors from ten to five members, to be effective from the Annual Meeting on July 28, 2022. This decision aligns the company's resources with its current strategies. The exiting directors, including John J. Harrington and Baiju R. Shah, left without disagreement, as their departures were deemed beneficial for the company's direction. The current Board candidates for reelection include Daniel Camardo and Ismail Kola, aimed at enhancing efficient decision-making during this crucial period for Athersys.
Athersys, Inc. (NASDAQ: ATHX) has postponed its Annual Meeting of Stockholders to July 28, 2022, originally set for June 15, 2022. The change allows time for a proposal to authorize a reverse stock split aimed at maintaining compliance with Nasdaq's minimum bid price of $1.00 per share. The company is facing non-compliance due to its stock price being below this threshold for 30 consecutive days. A revised slate of director nominees will also be presented for approval at the rescheduled meeting.
Athersys, Inc. (Nasdaq: ATHX) is hosting a webinar on June 14, 2022, at 5:00 p.m. ET, featuring experts discussing the topline data from the TREASURE study on MultiStem therapy for ischemic stroke. The study included 206 patients across 48 sites in Japan and was conducted by HEALIOS K.K. The event will allow attendees to engage with key opinion leaders in neurology, enhancing understanding of the study results. MultiStem is positioned as a potential treatment for a significant medical need, as ischemic stroke is a leading cause of global morbidity.
Athersys, Inc. (Nasdaq: ATHX) announced a corporate restructuring plan aimed at reducing costs and prioritizing key clinical programs. The plan includes a workforce reduction of up to 70%, expected to conclude by the end of June 2022. Key executives, including President B.J. Lehmann, are departing as part of this restructuring. Despite anticipated cost savings, Athersys will require additional capital to fund clinical trials, particularly the MASTERS-2 trial. The company will continue partnerships with HEALIOS K.K. to enhance its ischemic stroke programs.