Athersys Completes Reverse Merger

Athersys Inc., a Cleveland-based regenerative medicine company, has completed a reverse merger with BTCH VI Inc. (OTC BB: BVIC), in which BTCH will change its name to Athersys. As part of the merger, BTCH has raised $65 million via a private placement. Radius Ventures led the deal, and was joined by OrbiMed Advisors, RA Capital Management, Accipiter Capital Management, H&Q Capital Management, MPM BioEquities and Pappas Ventures. Cowen and Co. and National Securities Corp. served as co-placement agents for the private placement. Athersys raised over $90 million in VC funding between 1996 and 2002.