Athersys tanks on disappointing mid-stage stroke drug trial
US clinical-stage biotech firm Athersys (Nasdaq: ATHX) saw its shares plummet 35.8% to $1.40 by close of trading on Friday, having fallen as much as 59% to $0.90 during the day, after it revealed that its stem-cell therapy, its only product to reach human trials, failed a mid-stage study testing it as a treatment for a type of stroke.
Data showed on Friday that patients given the therapy, MultiStem, did not show a significant difference from those given a placebo as measured by the Global Stroke Recovery Assessment scale.
Athersys announced interim results from its exploratory Phase II clinical study of the intravenous administration of MultiStem cell therapy to treat patients who have suffered an ischemic stroke. The study results demonstrate favorable safety and tolerability for MultiStem, consistent with prior studies.
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