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Athersys (ATHX) Files For $17M Share Offering, Drops 14.39% In Pre-market

Helps explain the recent weakness …

ATHX is down in the pre-market -$0.19 or -14.39% to $1.13 in the pre-market having closed at $1.32. ATHX has had some big volumes since 10/1/12, seemingly propping up the price (319.4 (10/8), 1.51 M (10/5), 164 K (10/4), 1.269 M (10/3), 199 K (10/2) and 568.9 K (10/1) from the previous month's range of 27.3 K to 146.6 K <with 1 days of 568.4 K) and 9 days of 100 K+. Interesting … I stated something was up - after I saw a flurry of positive analyst reports put out.

We had reported that OrbiMed had recently sold a % of their holdings in 2 blocks of 738 K and 226 K shares at $1.25

1.) Current Market cap $39.24M

2.) Enterprise value of $28,73M

3.) 52 week change of -18.52%

4.) Shares outstanding 29.73M

5.) Float 25.52M

6.) Shares short (Sept - 68.09K)

7.) Shares short (Oct - 66.63K)

8.) Short ratio (Sept - 0.90% with a percentage of float - 0.20%)

9.) Cash position as of 6/12 - $10.6 M.

Almost forget: the status of the Aspire (ATM) agreement. Is there a financing comparison to the recent Tengion (TNGN) offering?

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.