Update: 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 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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