Aastrom Biosciences CEO Tim M. Mayleben Announces Plan to Retire
October 04 2012 - 3:01PM
Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of
patient-specific, expanded multicellular therapies for the
treatment of severe, chronic cardiovascular diseases, today
announced that Tim M. Mayleben has decided to retire from his
position as the company's president and chief executive officer
once the company has hired his successor. As a result of his
decision, the Aastrom board of directors has initiated a search for
a new CEO. In addition to remaining as president and CEO until a
successor is found, Mr. Mayleben will continue to serve as a member
of the board of directors after the transition.
Mr. Mayleben stated, "I'm proud of Aastrom's accomplishments
during the past three years, especially our efforts to strengthen
the management team, focus the company's clinical programs and
improve our financial position. I believe we have earned our
leadership position in regenerative medicine and that this is a
good time to bring in a new CEO to take Aastrom to the next level
of clinical and commercial success. I look forward to working
with my successor as a member of the board."
In addition, Aastrom announced that Robert L. Zerbe, M.D., has
been named chairman of the board, which he joined in 2006. Dr.
Zerbe stated, "We are grateful to Tim for his leadership and many
accomplishments over the past three years as Aastrom's CEO,
including the rapid advancement of our lead product candidate,
ixmyelocel-T, into a pivotal Phase 3 clinical trial, vital efforts
to strengthen the company's capital structure and financial
position and broader recognition of our company's cellular therapy
technology. We appreciate his support of this transition as
we work to realize the full clinical and commercial potential of
ixmyelocel-T and Aastrom."
Mr. Mayleben joined Aastrom's board of directors in 2005 and
became president and chief executive officer in December 2009. Dr.
Zerbe is chief executive officer of QuatRx Pharmaceuticals and
previously served as senior vice president and head of clinical
research at Warner-Lambert/Parke-Davis and vice president at Lilly
Research Labs. He has extensive experience advancing drug
development programs through late stage clinical research and
regulatory review and approval.
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 studying patients with critical limb
ischemia and a 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, statements concerning clinical trial plans and
progress, objectives and expectations, clinical activity timing,
intended product development, the performance and contribution of
certain individuals and expected timing of collecting and analyzing
treatment data, all of 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. 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
Chad Rubin
The Trout Group
crubin@troutgroup.com
(646) 378-2947
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