Athersys and Aspire Capital Fund Terminate Relationship
July 08 2022 - 7:30AM
Business Wire
Athersys, Inc. (Nasdaq: ATHX) today announced that its equity
purchase agreement with Aspire Capital Fund LLC (Aspire Capital)
has been terminated. The Company continues to evaluate alternative
financing options to support continuing operations. After several
discussions with Aspire Capital, Athersys received notice on July
6, 2022 of termination of the equity purchase agreement, effective
immediately. The equity purchase agreement had been in place since
May 12, 2022.
“As we execute on our transformation plan, which includes
reducing expenses across several areas, we will continue to explore
financing options that we believe are in the best interest of our
shareholders. We want to thank Aspire for their support over the
past decade,” commented Dan Camardo, Chief Executive Officer of
Athersys. “We will provide a more detailed business update at our
upcoming annual stockholder meeting on July 28, 2022,” concluded
Mr. Camardo.
In addition, while the Company searches for a permanent Chief
Financial Officer, the Company has designated Mr. Camardo as the
Company’s Principal Financial Officer and Principal Accounting
Officer. Mr. Camardo will not receive any additional compensation
or benefits in connection with this designation.
About Athersys
Athersys is a biotechnology company engaged in the discovery and
development of therapeutic product candidates designed to extend
and enhance the quality of human life. The Company is developing
its MultiStem® cell therapy product, a patented, adult-derived
“off-the-shelf” stem cell product, initially for disease
indications in the neurological, inflammatory and immune,
cardiovascular and other critical care indications and has several
ongoing clinical trials evaluating this potential regenerative
medicine product. Athersys has forged strategic partnerships and a
broad network of collaborations to further advance MultiStem cell
therapy toward commercialization. Investors and others should note
that we may post information about the Company on our website at
www.athersys.com and/or on our accounts on Twitter, Facebook,
LinkedIn or other social media platforms. It is possible that the
postings could include information deemed to be material
information. Therefore, we encourage investors, the media and
others interested in the Company to review the information we post
on our website at www.athersys.com and on our social media
accounts. Follow Athersys on Twitter at www.twitter.com/athersys.
Information that we may post about the Company on our website
and/or on our accounts on Twitter, Facebook, LinkedIn or other
social media platforms may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainties. You should not place
undue reliance on forward-looking statements contained on our
website and/or on our accounts on Twitter, Facebook, LinkedIn or
other social media platforms, and we undertake no obligation to
publicly update forward-looking statements, whether as a result of
new information, future events or otherwise.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These forward-looking
statements relate to, among other things, potential cost-savings
from our restructuring and expected reductions of operating
expenses. We have attempted to identify forward-looking statements
by using such words as “anticipates,” “believes,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “should,” “suggest,” “will,” or other similar
expressions. These forward-looking statements are only predictions
and are largely based on our current expectations. A number of
known and unknown risks, uncertainties, and other factors could
affect the accuracy of these statements. The following risks and
uncertainties may cause our actual results, levels of activity,
performance, or achievements to differ materially from any future
results, levels of activity, performance, or achievements expressed
or implied by these forward-looking statements: our ability to
raise capital to fund our operations in the near term, including,
but not limited to, our ability to raise financing and to continue
as a going concern; our ability to enter into a partnership for the
co-development and co-commercialization of MultiStem; our ability
to successfully implement our transformation plan, including our
ability to reduce expenses; and the risks mentioned elsewhere in
our Annual Report on Form 10-K for the year ended December 31, 2021
under Item 1A, “Risk Factors” and our other filings with the SEC.
You should not place undue reliance on forward-looking statements,
and we undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220708005085/en/
Karen Hunady Director of Corporate Communications and Investor
Relations Tel: (216) 431-9900 khunady@athersys.com
David Schull Russo Partners, LLC Tel: (212) 845-4271 or (858)
717-2310 David.schull@russopartnersllc.com
Peter Vozzo ICR Westwicke Tel: (443) 213-0505
peter.vozzo@westwicke.com
Athersys (NASDAQ:ATHX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Athersys (NASDAQ:ATHX)
Historical Stock Chart
From Apr 2023 to Apr 2024