) second quarter 2013 net loss of 11 cents per share was narrower
than the Zacks Consensus Estimate of a loss of 12 cents. The
company had suffered a loss of 13 cents per share in the year-ago
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Revenues in the second quarter of 2013 came in at $0.6 million
compared with $2.7 million a year ago. The massive year-over-year
decline was attributable to the $2.4 million reduction in
contract revenues pertaining to Athersys' agreement with
). Revenues in the second quarter of 2013 fell short of the
Zacks Consensus Estimate of $2 million.
Athersys is developing MultiStem for ulcerative colitis in
collaboration with Pfizer. A double-blind, placebo-controlled
phase II trial is ongoing with initial results expected in early
2014. MultiStem is also being evaluated for ischemic stroke
(phase II) and acute myocardial infarction. A phase II study on
MultiStem for the acute myocardial infarction indication is
expected to be initiated in early 2014.
Research and development (R&D) expenses for the second
quarter of 2013 increased 1.6% to $5.1 million. General
administrative expenses at Athersys climbed 33.8% to $1.6 million
in the second quarter of 2013. Higher legal and professional
fees, personnel costs and external service provider costs led to
Athersys carries a Zacks Rank #2 (Buy). Stocks such as
Gilead Sciences, Inc.
) currently look more attractive in the pharma space with a Zacks
Rank #1 (Strong Buy).