CORPORATE FACT SHEET 2009

Athersys
i n c.
CORPORATE PROFILE
CORPORATE
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. Through the application of our proprietary
technologies, we are committed to establishing a pipeline of highly
differentiated, “best-in-class” candidate therapeutics.
Our lead programs are focused on the development of MultiStem®, a
patented and proprietary non-embryonic stem cell product candidate
that we believe has utility for treating a range of diseases and could
have widespread application in the field of stem cell medicine. In
December 2009 we announced a global strategic partnership with Pfizer
(NYSE: PFE) to collaboratively develop and market MultiStem in
inflammatory bowel disease (IBD). MultiStem is a druglike, proprietary
stem cell product that is produced by obtaining a special class of stem
cells from healthy, consenting donors. These cells are capable of
expressing multiple proteins and other factors involved in tissue repair
and immune system regulation, such as protecting damaged or injured
cells, reducing inflammation, and promoting new blood vessel formation
in areas of ischemic injury. Once obtained from a donor, the cells are
processed and expanded on a commercial scale using proprietary
techniques and manufacturing processes, and may be administered
without tissue matching or immune suppressive drugs.
Along with collaborators from leading research and clinical institutions, we
NASDAQ: ATHX
have conducted extensive studies examining the safety and effectiveness
of MultiStem in preclinical models of human disease and injury, and have
received FDA authorization to initiate multiple clinical trials applying
MultiStem. Current trials include administering MultiStem in patients that
have suffered a severe heart attack (myocardial infarction) and for cancer
treatment support (such as to reduce or prevent graft versus host disease
(GVHD) in leukemia patients). In addition, we have received FDA
authorization to conduct a clinical study in patients suffering from an
ischemic stroke, a leading cause of disability and death. Working in
collaboration with independent experts, we have also demonstrated the
potential for MultiStem in other disease areas, and will continue to explore
additional potential applications.
We are also developing novel, orally active pharmaceutical products for
treating obesity and certain central nervous system disorders. Our obesity
program is focused on development of compounds that target the 5HT2c
receptor, a key neurotransmitter receptor in the brain associated with
appetite regulation. In addition, we are developing H3 antagonist
compounds for treating disorders affecting cognition, attention or
wakefulness. Such conditions include narcolepsy, excessive daytime
sleepiness, chronic fatigue associated with other conditions such as
Parkinson’s disease, as well as conditions that affect attention or cognition,
such as attention deficit hyperactivity disorder, or ADHD.

KEY PROGRAMS
MultiStem® for Bone Marrow Transplant Support, Acute Myocardial several disease indications with critical unmet medical need, including
Infarction and Stroke MultiStem is a patented and proprietary biologic ischemic injury and cardiovascular disease, certain neurological diseases,
therapy in development for the treatment of a broad range of disease autoimmune disease, transplant support (including in oncology patients),
indications. MultiStem consists of a special class of human stem cells that and a range of orphan disease conditions. In December 2009, we announced
have the ability to express a range of therapeutically relevant proteins and a global strategic partnership with Pfizer (NYSE: PFE) to develop and market
other factors, as well as form multiple cell types. Administered intravenously MultiStem in inflammatory bowel disease (IBD).
or locally, these cells exhibit a drug-like profile by acting primarily through
Histamine H3 Receptor Antagonists The H3 receptor regulates levels of
the production of factors that regulate the immune system, protect damaged
histamine and other neuro-transmitters in certain areas of the brain that
or injured cells, and promote tissue repair and healing. Unlike traditional
play a direct role in regulating sleep and cognitive function. Our histamine
bone marrow transplants, cells from a single healthy and consenting donor
H3 receptor antagonists represent a new class of drugs that could have an
may be used to produce hundreds of thousands to millions of clinical doses,
improved efficacy and safety profile relative to existing drugs used for
and most or all of the cells are cleared from the body over time. Importantly,
the treatment of conditions that affect cognition, attention and
MultiStem has demonstrated in preclinical studies the potential to address
wakefulness.
the fundamental limitations observed with traditional bone marrow or
hematopoietic stem cell transplants. 5HT2c Agonists The 5HT2c serotonin receptor plays an important role in
the regulation of appetite. Numerous prior studies have demonstrated
MultiStem represents a potential best-in-class stem cell therapy through
that stimulation of the 5HT2c receptor causes a significant reduction in
its ability to be produced on an industrial scale, be administered without
appetite, resulting in weight loss over time. We are developing potent,
tissue matching or the need for immune suppressive drugs, exhibit a
selective, 5HT2c agonists for the treatment of obesity and potentially other
consistent safety profile and deliver a therapeutic benefit through more
indications.
than one mechanism of action. MultiStem has the potential to address

DEVELOPMENT STATUS OF KEY PROGRAMS (DECEMBER 2009)

STA
NASDAQ: ATHX
RECENT HIGHLIGHTS
■ Global agreement with Pfizer to develop and market MultiStem®
for the treatment of inflammatory bowel disease (IBD);
■ Continued enrollment in two MultiStem phase I clinical trials for
patients who suffer an acute myocardial infarction (AMI) and
for the complications, including graft-versus-host disease
(GVHD), associated with bone marrow and peripheral blood
CORPORATE FACT SHEET 2009
stem cell transplants for treating leukemia and related cancer;
■ Revenues of $484,000 and a net loss of $3.4 million for the
quarter ended September 30, 2009; and
■ A quarter-end capital position of $22.4 million in cash, cash
equivalents and available-for-sale securities.

SELECTED FINANCIAL DATA

DAT
Key Ratios (December 18, 2009)
Price & Volume Valuation Ratios
Recent Price $ 1.00 Price/Earnings (TTM) N/A
52 Week High $ 1.56 Price/Sales (TTM) 12.22
52 Week Low $ 0.43 Price/Book (MRQ) 0.83
Average Vol (Mil) (RTMA) 0.594 Price/Cash Flow (TTM) N/A

Share Related Items Per Share Data

Market Cap. ($Mil) 18.93 Earnings (TTM) $ -0.80
Shares Out (Mil) 18.93 Sales (TTM) $ 0.08
Float (Mil) 8.80 Book Value (MRQ) $ 1.20
Cash Flow (TTM) $ -0.78
Financial Strength
Cash (MRQ) $ 1.00
Quick Ratio (MRQ) 11.97
Current Ratio (MRQ) 11.97
Source: Reuters
LT Debt/Equity (MRQ) 0.00

ANALYST COVERAGE
ANALYST
Adam Cutler — Canaccord Adams
Stephen Brozak — WBB Securities

KEY PERSONNEL / CONTACTS

CONTACTS
Management
Gil Van Bokkelen, Ph.D.
Chairman and CEO
John Harrington, Ph.D.
Executive VP &
Chief Scientific Officer
William (B.J.) Lehmann Jr., J.D.
President & Chief Operating Officer
Corporate Headquarters
Athersys, Inc.
3201 Carnegie Avenue
Cleveland, OH 44115-2634
Robert Deans, Ph.D. Telephone
Senior Vice President, 216-431-9900
Regenerative Medicine FAX
Laura Campbell, C.P.A 216-361-9495
Vice President, Finance
Investor Relations
In-Site Communications, Inc.
Lisa M. Wilson
212-759-3929
lwilson@insitecony.com
eMail
Corporate Partnerships:
corporate@athersys.com
Scientific Collaboration:
scientific@athersys.com
Human Resources:
jobs@athersys.com
Media Relations
Pure Communications, Inc.
Dan Budwick
973-271-6085
dan@purecommunicationsinc.com

The information contained herein was obtained from the management of Athersys, Inc. and other sources Athersys believes to be
reliable. Except for the historical information contained herein, the matters discussed in this document are forward-looking state-
ments, the accuracy of which is subject to risks and uncertainties. These forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to December 18, 2009. Please see Athersys’s most recent
Annual Report, Form 10-K and Form 10-Q for additional information about the Company and related risks.
Athersys
i n c. “MultiStem” is a trademark belonging to Athersys, Inc. Athersys.com