Story excerpt provided by Crain’s Cleveland Business.
Written by Scott Suttell.
Cleveland biotechnology company Athersys Inc. (NASDAQ:ATHX) and Healios K.K., its partner in Japan, on Tuesday, March 13, announced what they characterized as a significant expansion of the development and commercialization collaboration involving Athersys’ MultiStem cell therapy treatment.
As part of the expansion, Healios is making an approximately $21 million equity investment in Athersys at $1.76 per share and will deposit $10 million into escrow, the companies said in a news release. Healios will pay an additional $25 million in license/option fees, in installments. As part of Healios’ equity investment, Hardy Kagimoto, CEO of Healios, will be nominated for election to the Athersys board of directors at the next annual meeting, which is scheduled for June.
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Originally published March 13, 2018.