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On March 18, 2013, Aastrom Biosciences (ASTM) reported financial results for the fourth quarter and full year ended December 31, 2012. Management also provided a business update for 2013. Below we outline the recent financial results and comment on the business plan for 2013, and beyond. We conclude that the stock is under-valued and an attractive long-term investment given the sales opportunity for ixmyelocel-T in both CLI and DCM, but that a lack of cash and catalysts will keep a lid on the shares over the near term.


The company reported negligible revenue of $0.019 million in the fourth quarter 2012. Revenue for the full year 2012 totaled a similar negligible amount of $0.021 million,...

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