Athersys Restructures Debt with Supplier

 Athersys, Inc. (NASDAQ: ATHX), a regenerative medicine company developing MultiStem® (invimestrocel) cell therapy for critical care indications announced it has restructured its outstanding debt with a supplier ("the supplier"). The Company previously entered into agreements with the supplier to assist in the scale-up and manufacturing of clinical and commercial grade MultiStem® using Athersys’ bioreactor production processes.

Under the new agreement, Athersys will pay the supplier $11.8 million in monthly cash payments of $250,000 each, beginning October 2023. In addition, Athersys has issued a $15 million convertible note. The three-year note carries interest of 10.0% and is convertible after 18 months into Athersys common stock at $1.30 per share, at the supplier’s sole discretion.

The restructured agreement provides the supplier with the right of first refusal to supply 50% of all material required to manufacture MultiStem until five years after MultiStem receives regulatory approval for commercial sale.

https://finance.yahoo.com/news/athersys-restructures-debt-supplier-123000058.html