Tim Mayleben will retire … from his position as the President and CEO when his successor is hired
Mr. Mayleben joined Aastrom's board of directors in 2005 and became president and CEO in 12/09. Mr. Mayleben will remain President and CEO until a successor is found and will continue to serve as a member of the board of directors after the transition.
ASTM announced that Robert L. Zerbe, MD, has been named chairman of the board, which he joined in 2006. Dr. Zerbe is CEO of QuatRx Pharmaceuticals and previously served as SVP and head of clinical research at Warner-Lambert/Parke-Davis and VP at Lilly Research Labs. He has extensive experience advancing drug development programs through late stage clinical research and regulatory review and approval.
The Bottom Line: Tim announced his intention to retire, but he's not leaving and will remain in place until a successor has been named; continuing as a member of the board of directors. There will be an initial shock to the share price as some will try to … entertain non-issue reasons! Many can or will read into this but … Tim set some goals for ASTM 3 years ago and … he "earned" his leadership position in raising multiple rounds and advancing the CLI and DCM trials but, unfortunately … "personal and family issues" preclude the 70-80 hour <+travel> weeks in taking ASTM to the next level of clinical and commercial success. I would be remiss in saying, I have been critical of Tim in the past but, he … earned and continues with my trust!ASTM's prospects for share appreciation are … still very good with the launch of pivotal REVIVE P3 clinical trial which is progressing as anticipated and expected. ASTM continues discussions toward a partnership with one or more of potential collaborators and is confident that it can raise further funds to complete 2 late-stage clinical programs. The DCM program has reported encouraging P1/2 clinical results and launched a definitive P2b clinical trial - ixCELL - DCM - last month. He is the largest individual shareholder; so, out of respect … it is the measure of a … man's honor when it comes to putting his family, integrity and commitments … foremost, since he will also … stay on ASTM's board … still a STRONG BUY.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.