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Q3/10 Results, Aastrom Biosciences (ASTM)

Net loss for Q3/10 was $4.3 M or $0.16 per share. Revenues for Q3/10 were $0. The fluctuations in product sales was due to volume of cell production sales for investigator-sponsored clinical trials in Spain and limited cell manufacturing supplies to a research institute in the US.

Total costs and expenses for Q3/10 were $4.263 M. R&D expenses were $2.845 M. Increases reflect continued expansion of clinical development activities including the costs associated with recruitment and treatment of the final patients in the IMPACT-DCM Phase 2 clinical trial. G&A expenses were $1.418 M. The increase in the quarterly expense is primarily the result of increased legal fees and contract services. G&A expenses included a non-cash charge of $100 K relating to share-based compensation expense. Interest income for the quarter was $34 K.  The fluctuations in interest income are due primarily to corresponding changes in the level of cash, cash equivalents and short-term investments during the periods, and lower interest rates. Interest expense was $9 K. 

At 3/31/10, ASTM had $22.8 M in cash and cash equivalents and short-term investments.  It is expected that cash utilization will average approximately $1.4 M per month for the remainder of fiscal year ending 6/30/10.