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It has been tough sledging for Aastrom BioSciences (ASTM). Shares are down 84% over the past year. Back in October 2012, President and CEO, Tim Mayleben, announced plans to retire as soon as the company could find a successor. It was a surprise decision considering Mr. Mayleben had been instrumental in turning Aastrom around over the past few years and driving ixmyelocel-T from early-stage development into Phase III trials for critical limb ischemia and Phase II for dilated cardiomyopathy. But more importantly, he was adamant about cleaning up Aastrom's capital structure and bringing long-term investors to the...

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