Athersys Inc., the Cleveland-based regenerative medicine company, has hired turnaround specialist Ankura Consulting Group LLC and appointed the firm's senior managing director, Kasey Rosado, as its interim chief financial officer.
Athersys lost its previous CFO, Ivor Macleod, in June through a restructuring — which included cutting its workforce by as much as 70% — aimed at reducing costs and making it an attractive investment for potential financial or strategic partners.
New York-based Ankura offers management consulting and expert services "at critical inflection points," including corporate restructuring, bankruptcy, dispute and litigation, according to its LinkedIn page.
Rosado will be responsible for supporting management on all aspects of the company's financial strategy, Athersys said in a Thursday statement.
She brings to Athersys more than 18 years of financial, operational and leadership experience in financial and operational turnarounds, the Cleveland company said.
"We are delighted to welcome Kasey as interim CFO during this critical time," said Dan Camardo, CEO of Athersys since February, in his company's statement.
On Friday, Athersys shareholders voted by a 2-1 margin to approve the regenerative medicine company's proposal for a reverse stock split to bolster its share price.
The company has been working to get its stock price over $1 a share to remedy a listing deficiency on the Nasdaq Stock Market.
Athersys has been commercializing its MultiStem adult stem cell therapy since 1994 and is in late-stage clinical trials with its Japanese partner, Healios K.K., to commercialize the therapy to treat ischemic stroke patients in Japan.
In June, the company announced a financial and operational restructuring intended to slow its cash burn and accelerate a shift toward commercialization and away from research and development.
"We have made significant progress with restructuring Athersys over the last couple of months," Maia Hansen, chief operating officer for Athersys, said in the company's statement.
In July, Athersys Inc. lost its $100 million equity purchase agreement with Aspire Capital Fund LLC, the biotechnology investment fund in Chicago, after the Cleveland company laid off three top executives, including former CFO Macleod, during its restructuring.
Shares of Athersys (Nasdaq: ATHX) were up 2.5% to nearly 26 cents a share in late-morning trading on Thursday.
