Aastrom Biosciences Announces Management Succession Process
December 28 2005 - 8:00AM
PR Newswire (US)
-- Long-Term CEO and Chairman to Continue at Board Level -- ANN
ARBOR, Mich., Dec. 28 /PRNewswire-FirstCall/ -- Aastrom
Biosciences, Inc. (NASDAQ:ASTM) today announced that at the request
of Chairman and Chief Executive Officer, R. Douglas Armstrong,
Ph.D., Aastrom's Board of Directors' Corporate Governance and
Nominating Committee will initiate a process to identify potential
candidates to succeed Dr. Armstrong as Chief Executive Officer,
allowing him to transition out of day-to-day management. The
transition process is expected to occur during 2006. Upon the
naming of a successor to the position of Chief Executive Officer,
Dr. Armstrong, subject to his reelection by shareholders, intends
to remain deeply involved in the Company's business and strategic
direction as a member of the Board of Directors, with overall
responsibilities determined by the Board at that time. Speaking on
behalf of the Board, R. Douglas Armstrong, Ph.D., Chief Executive
Officer and Chairman of Aastrom said, "Today's announcement is
consistent with our goal of providing a long-term leadership
succession process for the Company, but more importantly, it marks
the beginning of an exciting new chapter in Aastrom's ongoing
business evolution. Aastrom has reached a new stage with our
expanded senior management team, our new directors, our ongoing and
significant progress in the clinic, and our enhanced operational
capabilities. In the near term, I will continue my responsibilities
as CEO and Chairman of the Board, with particular focus on ensuring
an effective transition for the new Chief Executive Officer, and
then intend to continue to provide strategic direction and to be an
available resource for both the management team and the Board." Dr.
Armstrong has been the Chief Executive Officer of Aastrom
Biosciences, Inc. for more than 14 years, and the Chairman of the
Board for the past 6 years. During Dr. Armstrong's tenure, he led
the Company from the early stages of research and development into
product and clinical development. In addition, he led its
transition from a private company to a Nasdaq-listed company and
its recent emergence as a leading stem cell company in active
clinical trials. The Company has successfully shown that its Tissue
Repair Cell bone marrow stem cell products can be used safely in
patients and have demonstrated their ability to regenerate certain
human tissues. Dr. Armstrong further stated, "Aastrom is entering a
new era as we move into and through the clinical, regulatory and
market development activities, and establish our manufacturing
operations to bring our first-of-its-kind Tissue Repair Cell
products into the medical marketplace. I am excited about Aastrom's
position and opportunities, and look forward to continuing my role
with the Company and the management succession process." About
Aastrom Biosciences, Inc. Aastrom Biosciences, Inc. (NASDAQ:ASTM)
is developing patient-specific products for the repair or
regeneration of human tissues, utilizing the Company's proprietary
adult stem cell technology. Aastrom's proprietary Tissue Repair
Cells (TRCs), a mix of bone marrow-derived adult stem and
progenitor cells, are manufactured in the AastromReplicell(R)
System, an industry-unique automated cell production system.
Aastrom's TRC cell products are in clinical trials for the
following therapeutic indications: severe bone fractures (U.S.:
Phase I/II - multi-center; EU: Phase I/II - multi-center), ischemic
vascular disease (EU: Phase I/II), jaw bone reconstruction (EU:
proof of concept) and spine fusion (U.S.: Phase I/II -
single-center). The Company has recently reported positive clinical
trial results for its TRCs demonstrating both the clinical safety
and ability of TRCs to induce healthy new tissue growth. For more
information, visit Aastrom's website at http://www.aastrom.com/.
This document contains forward-looking statements, including
without limitation, statements concerning planned clinical trials,
product development objectives, potential advantages of TRCs, and
potential product applications, which involve certain risks and
uncertainties. The forward-looking statements are also identified
through use of the words "intend," "potential," "can," and other
words of similar meaning. Actual results may differ significantly
from the expectations contained in the forward-looking statements.
Among the factors that may result in differences are potential
patient accrual difficulties, clinical trial results, potential
product development difficulties, the effects of competitive
therapies, regulatory approval requirements, the availability of
financial and other resources and the allocation of resources among
different potential uses. These and other significant factors are
discussed in greater detail in Aastrom's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission.
CONTACTS: Kris M. Maly or Cameron Associates Becky Anderson Kevin
McGrath Investor Relations Department Phone: (212) 245-4577 Aastrom
Biosciences, Inc. Phone: (734) 930-5777 DATASOURCE: Aastrom
Biosciences, Inc. CONTACT: Kris M. Maly or Becky Anderson, Investor
Relations Department of Aastrom Biosciences, Inc., +1-734-930-5777;
or Kevin McGrath of Cameron Associates, +1-212-245-4577 Web site:
http://www.aastrom.com/
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