Aastrom Biosciences, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
August 13 2013 - 8:59AM
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 has priced a public offering of 29,000,000 shares of
its common stock, and warrants to purchase up to an aggregate of
29,000,000 shares of common stock, at a price to the public of
$0.30 per share. The warrants have a per share exercise price of
$0.37, are exercisable immediately, and expire five years from the
date of issuance.
The gross proceeds to Aastrom from this offering are expected to
be approximately $8,700,000 before deducting underwriting discounts
and commissions and other estimated offering expenses. All of
the shares in the offering are to be sold by the Company.
The Company intends to use the net proceeds from the offering to
conduct its clinical development programs including the Phase 2b
ixCELL-DCM clinical trial, working capital needs, and for other
general corporate purposes.
Aastrom has also granted the underwriters a 45-day option to
purchase up to an additional 4,330,000 shares of common stock
and/or up to 4,330,000 additional warrants to cover
over-allotments, if any. The offering is expected to close on or
about August 16, 2013, subject to customary closing
conditions.
Aegis Capital Corp. is acting as sole book-running manager for
the offering.
Maxim Group LLC is acting as a co-manager for the offering.
A registration statement on Form S-1 relating to these
securities was declared effective by the Securities and Exchange
Commission on August 13, 2013. A preliminary prospectus
relating to and describing the terms of the offering has been filed
with the SEC and is available on the SEC's website at
http://www.sec.gov. Copies of the preliminary prospectus may also
be obtained from the offices of Aegis Capital Corp., Prospectus
Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019,
via telephone at (212) 813-1010, or via email at
prospectus@aegiscap.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock and warrants
of Aastrom Biosciences, Inc., nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or
jurisdiction.
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 2b clinical trial in patients with ischemic dilated
cardiomyopathy. 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, 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 the
closing of the offering described herein, Aastrom's intended use of
proceeds in connection with the offering, 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 Registration Statement on Form S-1 described above,
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:
Bill Berry
Berry & Company
bberry@berrypr.com
(212) 253-8881
Investor contact:
Chad Rubin
The Trout Group
crubin@troutgroup.com
(646) 378-2947
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