ASTM continues its cardiovascular clinical programs and expects to aggressively to advance these programs in 2010. Net loss was $4.575 M or $.03 per share. Total revenues were $16 K. Total costs and expenses were $4.6 M. R&D expenses increased to $3.283 K (reflecting continued expansion of clinical development activities and share based compensation expense). G&A expenses decreased to $1.316 M (due to an offset of stock compensation expense). At 12/31/09, the company had $14.7 M in cash. Post the completion of the public offering 1/10 ($12.4 M in net proceeds), ASTM now has $25.5 M in cash. The burn rate should average $1.4 M per month. Timing is everything, at this share price ($0.18 with a Mtg Cap of $31.49), the new CEO’s vision will be better articulated and focused!
Looking forward to the reporting of results from late-stage clinical programs …
- The US Phase 2 IMPACT-DCM clinical trial (surgical delivery for treatment of dilated cardiomyopathy or DCM) has enrolled 40 patients at 5 sites. ASTM anticipates reporting 6 month interim data from this trial upon completion of visits for all patients during Q3/10,
- ÂSTM also announced approval by FDA to initiate a 2nd randomized, controlled, prospective, open-label, Phase 2 clinical trial investigating the delivery of Cardiac Repair Cells (CRCs) via catheter injection for the treatment of DCM. ÂSTM is expect to initiate patient enrollment in this clinical trial during Q1/10,
- The US Phase 2b RESTORE-CLI clinical trial continues to evaluate the use of Vascular Repair Cells (VRCs) in the treatment of patients suffering from critical limb ischemia (NYSE:CLI), the most severe form of peripheral arterial disease (PAD). The 1st 30 patients in the RESTORE-CLI trial have completed the 12-month follow-up visits and 46 patients’ 6-month follow-up visits. ÂSTM expects to report top-line data from the interim analysis in Q1/10,
- Reiterating, the timing of the recent reverse stock split is intended to increase the per share trading price of ASTM’s common stock to satisfy the $1.00 minimum bid price requirement; however, the resulting depreciation lower the bar and a lot of focus is needed to attract new investors.