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Athersys (ATHX), Registered Direct Offering of $13.1M

ATHX to sell 4,366,667 shares of its common stock and warrants to purchase up to an additional 1,310,000 shares of common stock in a registered direct offering for gross proceeds of approximately $13.1M before fees.  
  • The common stock and warrants will be sold in multiples of a fixed combination consisting of 1 share of common stock and a warrant to purchase 0.3 of a share of common stock at an exercise price of $3.55 per share of common stock;
  • Investors have agreed to purchase the fixed combination for a price of $3.00;
  • The warrants are exercisable beginning on the date of closing of this offering and will expire 5 years from the date of issuance;
  • William Blair & Company and First Analysis Securities Corp acted as co-lead placement agents the offering.  

The Bottom Line: ATHX to use the net proceeds from the offering for working capital and general corporate purposes. The closing of this offering is expected to occur on or about 2/2/11.