Aastrom One-for-Eight Reverse Stock Split Now Effective
February 17 2010 - 11:30PM
Aastrom Biosciences, Inc. (Nasdaq:ASTM) today reported that its
previously announced one-for-eight reverse stock split of the
company's issued and outstanding common shares is now effective.
This reverse split is intended to increase the per share trading
price of Aastrom's common stock to satisfy the $1.00 minimum bid
price requirement for continued listing on NASDAQ and to attract
greater institutional ownership of the company's shares. As a
result of the reverse stock split, every eight shares of the
company's common stock that were issued and outstanding immediately
prior to the opening of trading today will automatically be
combined into one issued and outstanding share without any change
in the par value of such shares and the number of authorized but
unissued shares of the company's common stock will be
proportionally reduced.
Concurrent with the effectiveness of the reverse stock split,
the ticker symbol will change from ASTM to ASTMD. The ticker symbol
will revert to ASTM on Thursday, March 18, 2010.
About Aastrom Biosciences
Aastrom Biosciences is developing autologous cellular therapies
for use in the treatment of severe cardiovascular diseases. The
company's proprietary cell-processing technology enables the
production of cellular therapies using a patient's own bone marrow
that can be delivered directly to damaged tissues. Aastrom has
advanced this technology into late-stage clinical development and
is conducting two Phase 2 clinical trials to treat dilated
cardiomyopathy and a Phase 2b clinical trial to treat critical limb
ischemia. For more information, please visit Aastrom's website at
www.aastrom.com.
The Aastrom Biosciences, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3663
This document contains forward-looking statements which
involve certain risks and uncertainties. These statements are
often, but are not always, made through the use of words or phrases
such as "anticipates," "intends," "estimates," "plans," "expects,"
"we believe," "we intend," and similar words or phrases, or future
or conditional verbs such as "will," "would," "should,"
"potential," "could," "may," or similar expressions. Actual results
may differ significantly from the expectations contained in the
forward-looking statements. Among the factors that may result in
differences are the inherent uncertainties associated with clinical
trial and product development activities, regulatory approval
requirements, competitive developments, and the availability of
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, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission.
CONTACT: Berry & Company
Media:
Stephen Zoegall
(212) 253-8881
szoegall@berrypr.com
Aastrom Biosciences
Investors:
Kimberli O'Meara
(734) 930-5777
ir@aastrom.com
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