A member of stem cell company Athersys Inc.’s (NASDAQ: ATHX) board of directors has resigned.
As of Sept. 9, Michael Sheffery, a general partner with New York-based venture firm OrbiMed Advisors, no longer is a member of Athersys board, according to a regulatory document the company filed with the Securities and Exchange Commission. Athersys is one of OrbiMed’s portfolio companies.
Sheffery’s decision to resign was not the result of a disagreement with Athersys’ management, according to the SEC filing. However, a company spokesman declined to say why Sheffery resigned.
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Sheffery had served on the board since June 2007 and was a member of its compensation and nomination committees.
In July, Cleveland’s Athersys reported encouraging results from a small Phase 1 trial to determine the safety and maximum dose of its MultiStem therapy for heart attack patients.