Aastrom Announces Common Stock Exchange for December 2010 Warrants
June 27 2012 - 3:05PM
Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of
patient-specific, expanded multicellular therapies for the
treatment of severe, chronic cardiovascular diseases, announced
today that it plans to exchange for common stock up to 10,000,000
of its outstanding warrants issued in December 2010. The warrants
have an exercise price of $3.22 and an expiration date of December
15, 2015. Aastrom is exchanging one (1) share of common stock for
every two (2) December 2010 warrants surrendered by the warrant
holders. The purpose of the exchange is to improve the
company's capital structure by reducing the number of outstanding
warrants which have complex and dilutive features, and by reducing
the number of fully diluted Aastrom shares by over five percent if
all of the 10,000,000 December 2010 warrants are exchanged.
As part of this effort, earlier today Aastrom completed
privately negotiated warrant exchange agreements on the terms
outlined above with holders of 7,666,666 of the December 2010
warrants. Accordingly, today Aastrom issued 3,833,334 shares
of common stock.
Later this week, the company will launch an offering to exchange
the remaining 2,333,334 December 2010 warrants for common stock on
the same terms described above. The offer to exchange will be
filed with the SEC along with the related letter of transmittal and
other related documents that Aastrom is also sending directly to
the warrant holders. If all of the remaining 2,333,334
December 2010 warrants are tendered, an additional 1,166,667 common
shares will be issued for a total of approximately 5,000,000 shares
of common stock issued in exchange for all of the December 2010
warrants.
This press release and the description contained here are for
informational purposes only and do not constitute an offer or a
solicitation of an offer to tender any securities of
Aastrom. The solicitation of offers to tender warrants in
exchange for shares will be made pursuant to an offer to exchange
filed with the SEC (as may be amended or supplemented), a related
letter of transmittal and other related documents that Aastrom will
be sending to the December 2010 warrant holders. The exchange
offer materials will contain important information that should be
read carefully before any decision is made with respect to the
exchange offer. Those materials will be distributed by Aastrom
to the warrant holders at no expense to them. In addition, all
of those materials (and all other offer documents) will be
available at no charge on the SEC's website at www.sec.gov or by
emailing the company at ir@aastrom.com. Further details of the
private exchanges will be described in a Current Report on Form 8-K
filed with the SEC by the company on June 27, 2012.
About Aastrom Biosciences
Aastrom Biosciences is the leader in developing
patient-specific, expanded multicellular therapies for use in the
treatment of patients with severe, chronic cardiovascular
diseases. The company's proprietary cell-processing technology
enables the manufacture of ixmyelocel-T, a patient-specific
multicellular therapy expanded from a patient's own bone marrow and
delivered directly to damaged tissues. Aastrom has advanced
ixmyelocel-T into late-stage clinical development, including a
Phase 3 clinical program to study patients with critical limb
ischemia and a planned Phase 2b clinical trial in patients with
ischemic dilated cardiomyopathy. For more information, please visit
Aastrom's website at www.aastrom.com. For more information on
the pivotal REVIVE Phase 3 clinical trial, please visit the trial
website at www.revivecli.com.
The Aastrom Biosciences, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3663
This document contains forward-looking statements, including,
without limitation, the proposed tender offer, including the
anticipated exchange ratio, and the capital structure of the
company. The public exchange tender offer has not been commenced
and there can be no assurances that it will be, or on what terms.
Other forward-looking 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. These forward-looking statements reflect management's
current views and Aastrom does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this release
except as required by law
CONTACT: Media contact
Andrea Coan
Berry & Company
acoan@berrypr.com
(212) 253-8881
Investor contact
Danielle Spangler
The Trout Group
dspangler@troutgroup.com
(646) 378-2924
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