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

Second Quarter Results Confirm Why We Like Aastrom

On August 14, 2014, Aastrom Biosciences, Inc. (ASTM) reported financial results for the second quarter of 2014. Results included one full quarter of operations for the company's recently acquired Cell Therapy and Regenerative Medicine (CTRM) business from Sanofi (NYSE:SNY), previously known as Genzyme Biosurgery Aps. Total revenues for the quarter were approximately $4.4 million, and were comprised of approximately $3.4 million of net sales of Carticel® implants and surgical kits, approximately $0.9 million of net sales of Epicel® grafts and biopsy kits, and approximately $0.1 million of revenue from commercial sales of bone marrow generated by Marrow Donation, LLC. Aastrom only began commercial sales of bone marrow late in the second quarter. In fact, these revenues were generated

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