Athersys (O:ATHX) 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.
A novel and differentiated approach
Athersys is developing allogeneic (off-the-shelf), multipotent adult progenitor cells (MAPCs), derived from adult bone marrow. MAPCs are highly proliferative, enabling the production of millions of clinical doses from a single adult donor. The cells can be frozen and stably stored for at least seven years. Dosage can also be significantly higher than mesenchymal stem cells (MSC), with 1.2bn cells administered in a single dose.
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