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

Deal To Acquire Sanofi's CTRM Could Double Shares Of Aastrom Biosciences

On May 15, 2014, Aastrom Biosciences, Inc. (ASTM) reported financial results for the first quarter ended March 31, 2014. The company did not report meaningful revenues in either the quarter or during the full year 2013. This was in-line with expectations. Net loss in the quarter totaled $6.0 million, or $1.02 per share. Loss was driven by $3.3 million in R&D and $1.4 million in SG&A. The company also recorded a $1.4 million non-cash charge associated with the change in fair-value of the warrant liability. The current value of the outstanding warrant liability on the balance sheet is $2.0 million as of March 31, 2014. Actual operating burn during the quarter totaled $4.7 million.

Aastrom exited March 31, 2014 with

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