Athersys, Inc. Enters Into $25 Million Equity Facility to Replace Expiring Agreement With Aspire Capital
Published: Oct 23, 2013
CLEVELAND, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Athersys, Inc. (Nasdaq:ATHX) announced today that it has put in place a new equity facility with Aspire Capital Fund, LLC to replace the prior two-year agreement that has ended. Under the new agreement, Athersys has the right to sell up to $25 million in shares of common stock to Aspire Capital under certain conditions over a two-year period. The agreement represents an additional tool for accessing capital to complement business collaborations, grants and traditional fundraising, and as such, provides the Company with added financial strength and flexibility. As of the September 30, 2013, the Company had $17.8 million of cash and cash equivalents available to fund operations, from a total of $25.5 million at the beginning of 2013.
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