Stem cell company Athersys gets grant to study traumatic brain injury

Stem cell developer Athersys (NASDAQ:ATHX) has received $3.6 million in new grant funding, with one […]

Stem cell developer Athersys (NASDAQ:ATHX) has received $3.6 million in new grant funding, with one of the grants going toward studying its MultiStem technology for the treatment of traumatic brain injury.

A $1.9 million grant to study traumatic brain injury (TBI) comes from the National Institute of Neurological Disorders and Stroke, according to a statement from Cleveland-based Athersys.

The grant will fund research that will include preclinical safety and efficacy studies required to support an Investigational New Drug (IND) application, as well as the clinical investigation of MultiStem to treat TBI.

Athersys’ MultiStem technology is an off-the-shelf stem cell treatment derived from the bone marrow of adults or other nonembryonic sources. The technology has shown promise in reducing inflammation, protecting damaged tissue and forming new blood vessels.

Athersys is investigating MultiStem for several applications, including heart attack, inflammatory bowel disease, stroke and blood diseases.

Another grant for $1.2 million comes from the government of Belgium and was awarded to Athersys’ subsidiary in Belgium, called ReGenesys BVBA. Athersys will use the funding to further develop cell therapy formulations and manufacturing capabilities, according to the statement.

Athersys apparently received another grant for $500,000, which would be necessary to arrive at the $3.6 million figure. But the company didn’t provide any details on the grant and a company official didn’t immediately respond to an email.

Late last year, Athersys closed a stock purchase deal with Aspire Capital Fund that could be worth up to $20 million.

 

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