Athersys Inc's net loss widens to USD3.4m in Q3 2012 

Athersys Inc's net loss widens to USD3.4m in Q3 2012

Nov 09, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Biotechnology company Athersys Inc (nasdaqcm:ATHX) on Thursday reported a net loss of USD3.4m for the third quarter ended 30 September 2012.

This reflects a drop in earnings when compared to a net loss of USD2.3m for the three months ended September 30, 2011.

Total revenues of USD1.0m were generated for the three months ended 30 September 2012, down when compared to total revenues of USD2.4m in the three months ended 30 September 2011.

The decrease in revenue reflects the impact of the company's arrangements with its collaborators, Pfizer Inc and RTI, and the end of the estimated performance period for the Pfizer collaboration in June this year.

Research and development (R&D) expenses was USD4.1m in Q3 2012, a decline when compared to R&D of USD4.3m in the third quarter of 2011 due to reduced clinical and preclinical development costs related primarily to clinical manufacturing and reduced patent legal fee expenses.

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