Aastrom Biosciences to Raise $25.5 Million in Equity Financing
April 06 2006 - 9:49AM
PR Newswire (US)
ANN ARBOR, Mich., April 6 /PRNewswire-FirstCall/ -- Aastrom
Biosciences, Inc. (NASDAQ:ASTM) announced today that it has
executed definitive Purchase Agreements for the sale of
approximately 15.9 million shares of the Company's common stock in
a registered direct placement to a select group of institutional
investors at a price of $1.60 per share for gross proceeds of
approximately $25.5 million. This transaction is expected to be
consummated within the next few days. Merriman Curhan Ford &
Co. served as the sole placement agent, and Dawson James
Securities, Inc. served as the sub-placement agent, in this
transaction. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060302/NETH028LOGO ) A
registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission. A prospectus and
prospectus supplement relating to this transaction may be obtained
directly from the Company (Investor Relations Department, P.O. Box
376, Ann Arbor, MI 48106) or from the U.S. Securities and Exchange
Commission website at http://www.sec.gov/. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy, and these securities cannot be sold in any state in which this
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. About Aastrom Biosciences, Inc. Aastrom Biosciences, Inc.
(NASDAQ:ASTM) is developing products for the repair or regeneration
of multiple human tissues, based on its proprietary Tissue Repair
Cell (TRC) adult stem cell technology. Aastrom's TRC products
contain large numbers of stromal, stem and progenitor cells that
are produced from a small amount of bone marrow cells originating
from the patient. The AastromReplicell(R) System, an
industry-unique automated cell product manufacturing platform, was
developed for the production of standardized, patient-specific TRC
products. TRC products have been used safely in humans as a
substitute for bone marrow stem cells, and are currently in
clinical trials for bone grafting (long bone fractures and spine
fusion) and blood vessel regeneration (diabetic limb ischemia)
applications. The Company has recently reported positive interim
clinical trial results for its TRCs demonstrating both the clinical
safety and ability of TRCs to induce healthy new tissue growth
(long bone fractures and jaw bone reconstruction). Most recently,
the Company's proprietary TRCs received an Orphan Drug Designation
from the U.S. Food and Drug Administration (FDA) for use in the
treatment of osteonecrosis. For more information, visit Aastrom's
website at http://www.aastrom.com/. CONTACTS: Kris M. Maly Cameron
Associates Investor Relations Department Kevin McGrath Aastrom
Biosciences, Inc. Phone: (212) 245-4577 Phone: (734) 930-5777
http://www.newscom.com/cgi-bin/prnh/20060302/NETH028LOGO
http://photoarchive.ap.org/ DATASOURCE: Aastrom Biosciences, Inc.
CONTACT: Kris M. Maly, Investor Relations 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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