ATHX Athersys Inc

EDISON EQUITY RESEARCH: ATHERSYS - POISED FOR PIVOTAL STROKE DATA

Enrolment in the potentially pivotal Phase II study assessing MultiStem in ischaemic stroke patients is now complete. With a 90-day primary efficacy endpoint, headline data are expected towards the end of Q115. The bulk of our valuation of Athersys at $275m ($3.55/share) is attributed to MultiStem’s potential in ischaemic stroke, so positive results could re-rate the stock. For illustration, raising the probability of success to 50% (vs 20% currently) would boost our valuation to ~$595m ($7.70/share).

Athersys is a US biotech company developing MultiStem (allogeneic, bone marrow-derived stem cells). A Phase II trial with MultiStem in ischaemic stroke is ongoing (data in Q115) and further studies in AMI (Phase II) and GvHD (Phase II/III) are planned.

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