Athersys falls as top execs leave, flags cash crunch

Athersys

03/06/2022 12:14

** Shares of cell therapy developer Athersys Inc  ATHX.O 
fall 4.7% to 21 cents premarket, on track to trade below $1 for
more than 5 weeks
    ** Company says CFO, chief operating officer and chief
scientific officer are leaving or have left as part of a
restructuring and plans to cut 70% jobs  urn:newsml:reuters.com:*:nBw8VLvs2a
    ** Even after the restructuring, co says it will need to
raise more capital to reach full enrollment in its trial for its
cell therapy MultiStem in stroke patients
    ** "Discussions with potential partners are ongoing, while
the company continues to explore additional financing options to
strengthen its balance sheet" - ATHX 
    ** ATHX shares slid ~65% on May 20 when a trial by its
Japanese partner showed the cell therapy failed to meet the main
goal of a study; stock down ~75% YTD  urn:newsml:reuters.com:*:nL3N2XC2DP

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))