Jason Napodano, CFA
Research analyst, medium-term horizon, biotech, small-cap

What You Need To Know About Aastrom Bio

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, all derived from the...

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