CLEVELAND, Oct. 18, 2007 (PRIME NEWSWIRE) -- Athersys, Inc. (OTCBB:AHYS), announced that its Registration Statement on Form S-3 was declared effective on Thursday, October 18, 2007, by the Securities and Exchange Commission. The Registration Statement registers for resale 13,531,781 shares of the company's common stock on behalf of certain securityholders, and 4,976,470 shares not yet outstanding that are issuable upon the exercise of warrants. The company will not receive any of the proceeds from the resale of these shares. The company currently has 18,927,988 shares of common stock outstanding.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of Athersys' common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Athersys, Inc.
Athersys is a biopharmaceutical company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. The company's lead product candidate, ATHX-105, is an oral, selective 5HT2c receptor agonist in Phase I clinical trials for the treatment of obesity. The company is developing other orally active pharmaceutical product candidates for the treatment of metabolic and central nervous system disorders, utilizing proprietary technologies, including Random Activation of Gene Expression (RAGE). Athersys is also developing MultiStem(r), a patented adult-derived, "off the shelf" stem cell product platform for multiple disease indications, including damage caused by myocardial infarction, bone marrow transplantation/oncology support, ischemic stroke and other indications.