Athersys, Inc. (NASDAQ:ATHX) has raised up to $3.9 million from the exercise of 28,124,590 warrants and received the first tranche payment of $1.5 million from HEALIOS K.K. under the acute respiratory distress syndrome (ARDS) global license. The company has also engaged Outcome Capital to assist with evaluating strategic alternatives, including a possible merger, business combination, investment into the company, or a purchase, license, or other acquisition of assets. If Athersys is unable to enter into a strategic transaction or obtain adequate financing, it may have to file for bankruptcy.