Athersys, Inc. (NASDAQ: ATHX) (Athersys) today announced the
closing of its previously announced underwritten public offering of
25,587,500 shares of its common stock, par value $0.001 per share
(Common Stock), at a price to the public of $2.25 per share, which
includes 3,337,500 shares of Common Stock pursuant to the
underwriters’ option to purchase additional shares, which the
underwriters exercised in full on April 16, 2020. Gross proceeds to
Athersys from the offering are approximately $57.6 million, before
deducting the underwriting discount and estimated offering
expenses.
BofA Securities acted as sole book-running manager for the
offering. Needham & Company, SMBC and WBB Securities acted as
co-managers for the offering.
Athersys intends to use the net proceeds from the offering for
working capital and general corporate purposes, including funding
towards its acute respiratory distress syndrome (ARDS) clinical
program, which includes initiation of a Phase 2/3 pivotal study for
COVID-19 induced ARDS patients, referred to as the MACOVIA study,
and its process development and manufacturing projects.
The offering was made pursuant to Athersys’ effective shelf
registration statement (Registration No. 333-235945) by means of a
prospectus supplement and an accompanying prospectus. Prospective
investors should read the prospectus supplement and accompanying
prospectus, including the documents incorporated by reference
therein, and the other documents that Athersys has filed with the
Securities and Exchange Commission (SEC) for more complete
information about Athersys and the offering. A copy of the
prospectus supplement and the accompanying prospectus relating to
these securities may be obtained by contacting BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC
28255-0001, Attn: Prospectus Department, or via email:
dg.prospectus_requests@bofa.com. Electronic copies of the
prospectus supplement and the accompanying prospectus are also
available free of charge on the website of the SEC at
www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About Athersys
Athersys is a biotechnology company engaged in the discovery and
development of therapeutic product candidates designed to extend
and enhance the quality of human life. The Company is developing
its MultiStem® cell therapy product, a patented, adult-derived
“off-the-shelf” stem cell product, initially for disease
indications in the neurological, inflammatory and immune,
cardiovascular and other critical care indications and has several
ongoing clinical trials evaluating this potential regenerative
medicine product. Athersys has forged strategic partnerships and a
broad network of collaborations to further advance the MultiStem
cell therapy toward commercialization.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These forward-looking
statements relate to, among other things, the expected timetable
for development of our product candidates, our growth strategy, and
our future financial performance, including our operations,
economic performance, financial condition, prospects, and other
future events. We have attempted to identify forward-looking
statements by using such words as “anticipates,” “believes,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “should,” “suggest,” “will,” or other similar
expressions. These forward-looking statements are only predictions
and are largely based on our current expectations. A number of
known and unknown risks, uncertainties, and other factors could
affect the accuracy of these statements. Some of the more
significant known risks that we face that could cause actual
results to differ materially from those implied by forward-looking
statements are the risks and uncertainties inherent in the process
of discovering, developing, and commercializing products that are
safe and effective for use as therapeutics, including the
uncertainty regarding market acceptance of our product candidates
and our ability to generate revenues. These risks may cause our
actual results, levels of activity, performance, or achievements to
differ materially from any future results, levels of activity,
performance, or achievements expressed or implied by these
forward-looking statements. Other important factors to consider in
evaluating our forward-looking statements include: the success of
our MACOVIA clinical trial; our ability to raise capital to fund
our operations; our ability to successfully finalize and implement
an alliance with the Biomedical Advanced Research and Development
Authority, and the terms of any such alliance, including the
amount, if any, of funding that we might receive; the timing and
nature of results from MultiStem clinical trials, including our
MASTERS-2 Phase 3 clinical trial and the HEALIOS K.K. (Healios)
TREASURE and ONE-BRIDGE clinical trials in Japan; the impact on our
business, results of operations and financial condition from the
ongoing and global novel coronavirus (COVID-19) pandemic, or any
other pandemic, epidemic or outbreak of infectious disease in the
United States; the possibility of delays in, adverse results of,
and excessive costs of the development process; our ability to
successfully initiate and complete clinical trials of our product
candidates; the possibility of delays, work stoppages or
interruptions in manufacturing by third parties or us, such as due
to material supply constraints or regulatory issues, which could
negatively impact our trials and the trials of our collaborators;
uncertainty regarding market acceptance of our product candidates
and our ability to generate revenues, including MultiStem cell
therapy for the treatment of ischemic stroke, ARDS, acute
myocardial infarction and trauma, and the prevention of
graft-versus-host disease and other disease indications; changes in
external market factors; changes in our industry’s overall
performance; changes in our business strategy; our ability to
protect and defend our intellectual property and related business
operations, including the successful prosecution of our patent
applications and enforcement of our patent rights, and operate our
business in an environment of rapid technology and intellectual
property development; our possible inability to realize
commercially valuable discoveries in our collaborations with
pharmaceutical and other biotechnology companies; our ability to
meet milestones and earn royalties under our collaboration
agreements, including the success of our collaboration with
Healios; our collaborators’ ability to continue to fulfill their
obligations under the terms of our collaboration agreements and
generate sales related to our technologies; the success of our
efforts to enter into new strategic partnerships and advance our
programs, including, without limitation, in North America, Europe
and Japan; our possible inability to execute our strategy due to
changes in our industry or the economy generally; changes in
productivity and reliability of suppliers; and the success of our
competitors and the emergence of new competitors. You should not
place undue reliance on forward-looking statements contained in
this press release, and we undertake no obligation to publicly
update forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200420005192/en/
Ivor Macleod Chief Financial Officer Tel: (216) 431-9900
ir@athersys.com
Karen Hunady Director of Corporate Communications & Investor
Relations Tel: (216) 431-9900 khunady@athersys.com
David Schull Russo Partners, LLC Tel: (212) 845-4271 or (858)
717-2310 David.schull@russopartnersllc.com
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