"WST: You have often stated that Athersys shares are undervalued based the potential of the MultiStem platform to transform medicine. Yet, even with the dramatic decline in the shares since the release of the UC data, we have not seen management step up and purchase any shares in the open market. Why not?
Gil Van Bokkelen: In my view, we are substantially undervalued, and it's no secret that I have been a buyer of the stock historically and have repeatedly put my money where my mouth is. I firmly believe in this company and what we can accomplish. However, it's important for people to understand that there are times when executives and others are restricted from buying shares. There are several potential reasons for these types of restrictions, including having access to material knowledge that the rest of the market doesn't have, or due to restrictions related to SEC or other regulations that prohibit certain types of trading activity. At the moment, members of management are restricted, which is why we haven't been buying. It's not because we don't want to - it's because we can't do it without incurring meaningful penalties, and we aren't going to do that.
I want people to understand that since the company was founded, I've never sold a share for personal gain, and my family has invested repeatedly. When the board put a restricted stock plan in place I and others implemented something called a 10b5-1 plan to protect against the tax liability associated with the vesting of these restricted stock grants. In accordance with that plan, which I have no control over once it's in place, the absolute minimum amount necessary to deal with the tax consequences is sold. This is done because paying those tax liabilities is not optional, and this is the most prudent way to do it, particularly if there is a big run up in stock price."
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