Strategic change in its R&D programs
ASTM will stop enrollment and end the P3 REVIVE clinical trial in patients with critical limb ischemia (NYSE:CLI).
ASTM will now also execute a corporate restructuring that will reduce staff and operating expenses by approximately 50%.
ASTM will begin treating patients in the P2b ixCELL-DCM clinical study within the next few weeks. The ixCELL-DCM trial is a randomized, double-blind, placebo-controlled Phase 2b study. Approximately 108 patients will be enrolled at about 30 sites in the U.S.
The Bottom Line: Focus shifted to dilated cardiomyopathy and stop enrollment and end P3 REVIVE CLI study following strategic program review. A restructuring will significantly reduce operating expenses and capital requirements. In an earlier P2a DCM clinical trial, ixmyelocel-T was well-tolerated and efficacy observations were consistent with improved function of impaired myocardium in patients with DCM.
ASTM closed at $1.15 and will get hammered today - so much for shareholder value as ASTM joins the crowded … multiple of companies focused on heart related disease. An extremely sad status … after all the CLI promises … 3 equity offerings and a preferred financing by MLV <Dart family>. Expect … blow back devastating the stock pricing! Do I see a $050 -$0.75 share pricing … SELL. Just when I thought a day off was due for the Easter holiday weekend … a lot more to follow …!