Athersys Reports Second Quarter 2023 Financial Results and Business Highlights -… – Press Release

Athersys, Inc. ATHX, a regenerative medicine company developing MultiStem^® (invimestrocel) cell therapy for critical care indications, announced financial results for the three and six months ended June 30, 2023 and provided a business update.

Second Quarter 2023 and Recent Corporate and Operational Highlights:

• Nominated healthcare executive and strategy consultant Neema Mayhugh, Ph.D. to the Company’s Board of Directors
• Surpassed two-thirds patient enrollment in the MASTERS-2 clinical trial with MultiStem for ischemic stroke
• Completed Memorandum of Understanding with Healios to provide consulting support with PMDA to explore the feasibility of adding Japanese patients to MASTERS-2 trial
• Presented as a finalist for the Biomedical Advanced Research and Development Authority’s (BARDA) “Just Breathe” program for a proposed clinical trial with MultiStem for acute respiratory distress syndrome (ARDS) and other COVID-19 co-morbidities
• Initiated enrollment of cohort 3 in the MATRICS-1 clinical trial with MultiStem for trauma using 3-D bioreactor manufactured clinical product
• Raised $3.7 million through a registered direct offering with institutional investors
• Continued reducing expenses to conserve cash and heightened focus on execution of MASTERS-2 trial
• Maintained operating expenses below $2.5 million per month
• Participated in several industry conferences to build awareness of Athersys and share MultiStem clinical and manufacturing progress, including:
  • The American Society for Neural Therapy and Repair Annual Conference
  • Cellular Therapies and Transfusion Medicine in Trauma and Critical Care Conference
  • Pharma Manufacturing World Summit
  • Allogeneic Cell Therapies Summit
  • American Thoracic Society’s Respiratory Innovation Summit

Management Commentary

“The second quarter of 2023 was marked by improved execution on all fronts, from continuing to maintain low operating expenses to improved enrollment in our ongoing…

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