2023-05-23 10:23:06 ET
- Athersys ( NASDAQ: ATHX ) has restructured its outstanding debt with a supplier, involving an $11.8M payment plan and a $15M convertible note.
- The new agreement includes monthly cash payments of $250,000 starting from October 2023 and a convertible note carrying 10.0% interest.
- The supplier gains the right of first refusal to supply 50% of the materials required for manufacturing MultiStem until five years after regulatory approval for commercial sale.
- The debt restructuring focuses on Athersys' development and manufacturing needs, prioritizing MultiStem for ischemic stroke treatment.
- Athersys CEO, Dan Camardo, highlights the significance of the agreement following a successful meeting with the FDA and progress in the MASTERS-2 trial.
- MultiStem cell therapy is an innovative regenerative medicine product with the potential to promote tissue repair and healing in various ways, offering advantages over traditional biopharmaceutical therapies.
- Press Release
For further details see:
Athersys restructures debt with supplier, prioritizing multi-stem for stroke treatment