Athersys (ATHX) and Aspire Capital Fund Terminate Relationship

Athersys, Inc. (Nasdaq: ATHX) today announced that its equity purchase agreement with Aspire Capital Fund LLC (Aspire Capital) has been terminated. The Company continues to evaluate alternative financing options to support continuing operations. After several discussions with Aspire Capital, Athersys received notice on July 6, 2022 of termination of the equity purchase agreement, effective immediately. The equity purchase agreement had been in place since May 12, 2022.

“As we execute on our transformation plan, which includes reducing expenses across several areas, we will continue to explore financing options that we believe are in the best interest of our shareholders. We want to thank Aspire for their support over the past decade,” commented Dan Camardo, Chief Executive Officer of Athersys. “We will provide a more detailed business update at our upcoming annual stockholder meeting on July 28, 2022,” concluded Mr. Camardo.

In addition, while the Company searches for a permanent Chief Financial Officer, the Company has designated Mr. Camardo as the Company’s Principal Financial Officer and Principal Accounting Officer. Mr. Camardo will not receive any additional compensation or benefits in connection with this designation.

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