Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ATHERSYS INC. We currently have 6 research reports from 1 professional analysts.
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Progress on all fronts
27 Oct 16
Recently, Athersys reported progress with both US and Japanese regulatory authorities. The company reached a deal with the FDA for the design of its pivotal Phase III trial for MultiStem in ischemic stroke under a Special Protocol Assessment (SPA) and should be able to file with just one 300-patient Phase III trial run in North America and Europe. Other clinical data, including the results of its trial in Japan (the design of which has just been accepted by the PMDA), will be used to support the NDA.
On track for a big Japanese trial
30 Jun 16
Athersys and its Japanese development partner Healios are on track to begin a 150-200 patient registration trial for MultiStem in stroke in Japan. We expect the company to file an IND with the Japanese Pharmaceuticals and Medical Devices Agency (PMDA) in mid-summer and begin enrolling patients in Q416. Importantly, a successful trial of this size could enable them to gain full approval in Japan instead of conditional approval and could potentially be used as part of a registration package in the US.
A bigger, better Japanese partnership
04 Mar 16
Athersys has made progress on a number of clinical and commercial fronts in the first months of 2016. Most recently, it reported a one-year follow-up from the Phase II stroke trial, which showed that patients receiving MultiStem improved significantly more than placebo over the course of the year. Also, Athersys and Healios K.K. announced a partnership to commercialize MultiStem in Japan for ischemic stroke with the option to develop other indications. The company expects to initiate a stroke trial in Japan in H216.
MultiStem signal in stroke
14 Dec 15
Athersys is developing off-the-shelf multipotent adult progenitor cells (MAPCs) to treat a variety of indications, with ischemic stroke, acute myocardial infarction (AMI) and acute respiratory distress syndrome (ARDS) the most advanced. The recent Phase II data in stroke indicated strong trends in favor of MultiStem across multiple endpoints, though the study did miss the primary endpoint on an intent-to-treat basis. Clinical trial design changes in future trials should help increase the program’s chance of success. We value Athersys at $4.08 per share.
One door closes, another one opens
21 Oct 15
Today, Athersys announced that the agreement between the company and Chugai to develop and commercialize MultiStem in Japan has ended following the failure of negotiations to modify the financial terms of the agreement and to decide on a development strategy. However, Athersys also announced that it has already signed a letter of intent with another Japanese company to develop and commercialize MultiStem in Japan in ischemic stroke and other areas.
More clarity on ischaemic stroke
19 Aug 15
In its Q215 earnings release, Athersys provided much needed additional data with regard to its Phase II MultiStem trial in ischaemic stroke, which had missed the primary endpoint. Changes in the trial design aimed at accelerating enrolment led to the inclusion of patients both less likely to respond to MultiStem and more likely to respond to standard of care. If the original trial design had been in place, the additional data suggest the trial may have been positive. Our fair value increases to $256m or $3.09 per share as we increase the probability of success to 25% from 20%.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Panmure Morning Note 05-12-16
05 Dec 16
This week will see Chi-Med present data on both fruquintinib and epitinib at the 17th World Conference on Lung Cancer, concerning two proof-of-concept trials in non-small cell lung cancer (NSCLC). This morning, the poster presentation ‘A Phase I Study of Epitinib To Evaluate Efficacy And Safety In EGFR Mutation Positive (EGFRm+) NSCLC Patients With Brain Metastasis’ is available for investors to view on Chi-Med’s website.