CLEVELAND, May 12 /PRNewswire/ -- Athersys, Inc. announced today that the Biomedical Research and Commercialization Program from the State of Ohio Third Frontier Program has awarded $8 million to the Center for Stem Cell and Regenerative Medicine (CSCRM) to support development over the next three years of new cell-based therapies for cardiovascular, cancer and neurological disorders. Athersys is a founding member of CSCRM, a multi-institutional collaborative initiative established by the Cleveland Clinic, University Hospitals, Case Western Reserve University, the Ohio State University and the Company. Athersys will receive approximately $3.5 million of the grant and it will apply a portion of this funding toward development activities involving its CSCRM collaborators.
This award extends the funding support provided by the State of Ohio to CSCRM and its members, which are focused on accelerating translational research applying stem cell and regenerative medicine technologies to treat human disease. CSCRM and its members received an initial $19.5 million Third Frontier Program Award in 2003. “This new award illustrates the substantial progress that has been made by CSCRM members, including Athersys, to advance stem cell therapies to the clinic,” said William Lehmann, Executive Vice President. “At Athersys, we have used funding from the initial grant to help us further develop several promising pre-clinical programs, and we intend to advance several of these programs into the clinic in the near term with financial support from the new grant.”
Athersys is advancing multiple therapeutic programs focused on applying MultiStem(TM), the Company’s proprietary non-embryonic stem cell product, to help treat patients who suffer cardiovascular disease, stroke, or certain cancers among other disorders. “In pre-clinical studies, MultiStem has been shown to be safe and effective in multiple animal models of human disease,” said Dr. John Harrington, Chief Scientific Officer. “Based upon these studies and the intrinsic properties of MultiStem, we believe this product has the potential to be an important therapeutic option in a number of significant diseases. We look forward to continuing our close collaboration with our CSCRM partners as we now prepare to move into the clinic.”
MultiStem is a patented stem cell product that is based on a special class of adult derived stem cells known as Multi-Potent Adult Progenitor Cells (MAPC). Unlike most other adult stem cell types, which typically have the ability to form only a limited number of cell types or tissues, MAPC have a demonstrated ability to form a broad range of cell types, contributing to a range of tissues. In addition, MAPC may be isolated from the bone marrow and other non-embryonic tissue sources, can be routinely expanded to create large product inventories, and are being developed for off-the-shelf treatment of patients. Athersys is the exclusive owner of and licensee to broad intellectual property rights to the MAPC technology, originally discovered and characterized by Dr. Catherine Verfaillie and colleagues at the University of Minnesota.
Athersys is a biopharmaceutical company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. Through the application of its proprietary technologies, it has established a pipeline of therapeutic product development programs in multiple disease areas scheduled to advance into clinical trials in 2006 and 2007. In addition to its cell therapy programs, Athersys is developing ATHX-105, a novel pharmaceutical treatment of obesity that is designed to act by regulating appetite, and it is also developing other novel pharmaceutical product candidates for the treatment of cognition disorders, such as attention deficit hyperactivity disorder, and for the treatment of asthma.
For Athersys: Statements herein that are not descriptions of historical facts are forward-looking and subject to risk and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including risks relating to the early stage of products under development; uncertainties relating to clinical trials; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company’s proposed products (such as marketing, safety, regulatory, patent or product liability, supply, competition and other risks).
Athersys, Inc.
CONTACT: William (B.J.) Lehmann, J.D., Executive Vice President ofCorporate Development and Finance of Athersys, Inc., +1-216-431-9900, orbjlehmann@athersys.com
Web site: http://www.athersys.com//
