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Athersys, Inc.’s (ATHX - Snapshot Report) second quarter 2013 net loss of 11 cents per share was narrower than the Zacks Consensus Estimate of a loss of 12 cents. The company had suffered a loss of 13 cents per share in the year-ago quarter.

Revenues in the second quarter of 2013 came in at $0.6 million compared with $2.7 million a year ago. The massive year-over-year decline was attributable to the $2.4 million reduction in contract revenues pertaining to Athersys’ agreement with Pfizer Inc. (PFE - Analyst Report).  Revenues in the second quarter of 2013 fell short of the Zacks Consensus Estimate of $2 million.

Athersys is developing MultiStem for ulcerative colitis in collaboration with Pfizer. A double-blind, placebo-controlled phase II trial is ongoing with initial results expected in early 2014. MultiStem is also being evaluated for ischemic stroke (phase II) and acute myocardial infarction. A phase II study on MultiStem for the acute myocardial infarction indication is expected to be initiated in early 2014.

Research and development (R&D) expenses for the second quarter of 2013 increased 1.6% to $5.1 million. General administrative expenses at Athersys climbed 33.8% to $1.6 million in the second quarter of 2013. Higher legal and professional fees, personnel costs and external service provider costs led to the increase.

Athersys carries a Zacks Rank #2 (Buy). Stocks such as Actelion (ALIOF) and Gilead Sciences, Inc. (GILD - Analyst Report) currently look more attractive in the pharma space with a Zacks Rank #1 (Strong Buy).

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