Update: Earlier the better with MultiStem
Athersys has reported headline data from its highly anticipated Phase II study of MultiStem in the semi-acute treatment of ischaemic stroke. The stem cell therapy demonstrated a favourable safety profile, although the primary/secondary efficacy endpoints were not met. While disappointing, a post-hoc analysis indicates that earlier dosing (≤36 hours post-stroke) with MultiStem may impart a meaningful clinical benefit. Our fair value is lowered to $205m ($2.55/share) after a 12-month delay to clinical timelines with a confirmatory study required to determine the early-treatment signal.Athersys is a biotechnology company that is focused in the field of regenerative medicine. The company's MultiStem? cell therapy, a patented and proprietary allogeneic stem cell product, is its primary platform product and is in clinical development. The company's existing clinical development programs are focused on treating neurological conditions, cardiovascular disease, inflammatory and immune disorders, certain pulmonary conditions and other conditions where the existing standard of care is limited or inadequate for a number of patients. The company has a collaboration with HEALIOS K.K., to develop and commercialize MultiStem for the treatment of certain indications in Japan.
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