EDISON EQUITY RESEARCH : ATHERSYS

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.

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