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Q3/10 Results, Athersys (ATHX)

ATHX had a net loss of $3.75M or ($0.19) per share.

Q3/10 contract and grant revenues were $2M primarily as a result of collaboration with Pfizer. R&D expenses were $4.32M with G&A clocking in at $1.33M with a total cost and expenses of $5.7M, interest income of $58K offset by a loss from operations of $3.7M. Net loss for Q3/10 increased to $3.7M from $3.4M in Q3/09 due to an increase in operating costs and expenses not fully offset by the increase in revenues based on 18.93M weighted average  outstanding, basic and diluted shares.

  • As of 9/30/10, cash, cash equivalents and available-for-sale securities totaled $17.8M, compared to $20.1M at 6/30/10;
  • Awarded $0.9M in grant funding under the QTDP and Michael J. Fox Foundation to advance therapeutic programs.

For the 9 months ended 9/30/10, net cash used in operating activities was $8M. Based on current business and operating plans and assuming no new financings or significant business transactions; ATHX believes they have cash available to fund operations through 2011.

Q3/10 Highlights:

  • Announced today FDA authorization for the initiation of a Phase II clinical trial of MultiStem(NYSE:R) in inflammatory bowel disease (NYSEARCA:IBD) as part of its collaboration with Pfizer Regenerative Medicine;
  • Presented positive top-line data for the Phase I clinical trial of MultiStem(R) in acute myocardial infarction (AMI) at Transcatheter Cardiovascular Therapeutics Conference 2010;
  • Received orphan drug designation for MultiStem in Graft vs. Host Disease (GvHD);
  • Published preclinical data showing potential neuroprotective effects of MultiStem for traumatic brain injury;
  • Announced collaborative agreement with RTI Biologics in orthopedic market.