Athersys, Inc. (ATHX) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $7.13 million, or $ 0.10 a share in the quarter, against a net profit of $3.59 million, or $0.04 a share in the last year period. Revenue during the quarter plunged 90.73 percent to $0.98 million from $10.60 million in the previous year period.
Operating loss for the quarter was $8.24 million, compared with an operating income of $3.46 million in the previous year period.
"In 2016, we made good headway in advancing our lead clinical program in ischemic stroke," said Gil Van Bokkelen, chairman and chief executive officer of Athersys. "We believe that the program is well-positioned for further development with a defined path to commercialization in a very large potential market segment. Furthermore, we have continued to make progress in our other programs, building out the underlying technology and science and strengthening our core capabilities in areas that will be important for supporting commercialization."
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