Athersys Prices $20 Mln Offering Of Common Stock, Warrants

(RTTNews) - Athersys, Inc. (ATHX) said Wednesday that it has entered into definitive agreements to sell 10 million shares of common stock and warrants to purchase up to 3.5 million shares of common stock, in an offering with gross proceeds of $20.0 million. All of the participants in the offering are institutional investors, the majority of which are current shareholders of the company.

The offering is expected to close on or about December 3.

Athersys plans to use the net proceeds from the offering for working capital and general corporate purposes, including the funding of its ongoing clinical trials and potential expansion of certain clinical trials to take advantage of emerging international regulatory initiatives designed to accelerate the development and commercialization of regenerative medicine therapies.