The split will become effective on Oct. 16. Aastrom (ASTM), which closed today at $0.23, says it's making the move to satisfy the Nasdaq's $1/share minimum bid requirement. Shareholders will receive cash in lieu of fractional shares. (PR)
Aastrom Biosciences (ASTM -4.1%) slips today despite posting a Q1 net loss of -$0.15, which was narrower than the prior year and beat analysts estimates for a loss of $0.19 per share. The company also reported cash guidance, saying that it had a total of $9.2M in cash and cash equivalents, compared to $13.6 million in cash and cash equivalents in December. The cash used for operations during Q1 came to $6.8M.
Aastrom Biosciences (ASTM) craters 32% out the gate after saying it plans to cut its staff and operating costs by 50%, and end Phase III trials of its ixmyelocel-T drug for patients with critical limb ischemia - when there is an sudden lack of blood flow to a limb - as it was unable to bring in a partner. Instead, Aastrom will focus on Phase 2b trials of ixCELL for treating dilated cardiomyopathy (heart muscle disease). (PR)
Aastrom Biosciences (ASTM -7.8%) trades near its 52-week low today, after the company reported bigger Q4 losses Y/Y in yesterday's after hours session. Bottom line margins were hit hard by heavy SG&A charges for non-cash stock based compenstation, plus higher overall R&D costs.
Shares of Aastrom Biosciences (ASTM) come off a trading halt up 20.5% after the company says it landed a $40M private placement for its Series B convertible stock that helps it raise capital without diluting common stock shareholders for 5 years.