ATHX Athersys Inc

EDISON EQUITY RESEARCH: ATHERSYS - MORE CLARITY ON ISCHAEMIC STROKE



In its Q215 earnings release, Athersys provided much needed additional
data with regard to its Phase II MultiStem trial in ischaemic stroke, which
had missed the primary endpoint. Changes in the trial design aimed at
accelerating enrolment led to the inclusion of patients both less likely to
respond to MultiStem and more likely to respond to standard of care. If the
original trial design had been in place, the additional data suggest the trial
may have been positive. Our fair value increases to $256m or $3.09 per
share as we increase the probability of success to 25% from 20%.

Athersys is a US biotech company developing
MultiStem (allogeneic, bone marrow-derived stem
cells). A Phase II trial with MultiStem in ischaemic
stroke has completed, while further studies in AMI
(Phase II) and ARDS (Phase IIa) are planned.

To view our full report, please click here

Click here to view all of Edison Investment Research’s published reports