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Q4/10 and FY10 Results, Aastrom Biosciences (ASTM)

Net loss for Q4/10 was $5.1 M. or $0.18 per share.

ASTM reported no revenues for Q4/10. R&D expenses for Q4/10 were $3.6 M with FY09 numbers (ended 6/30/10) coming in at $12.7 M.  These changes reflect ASTM’s increased clinical activity related to its DCM and CLI programs. SG&A expenses for Q4/10 were $1.5 M  and the FY09  were $5.2 million. These changes are primarily due to increased employment costs, external legal and consulting fees.  Net loss for FY10 was $17.7 M, or $0.72 per share, compared to a net loss of $15.9 M, or $0.89 per share  for FY09. The increase in net loss for FY 09 is primarily due to increased R&D costs. Loss per share comparisons were impacted by the issuance of 6.5 M shares of common stock on 1/21/10.

As of 6/30/10, the company had a total of $19.1M in cash, cash equivalents and short term investments. Aastrom expects that its cash spending will average approximately $4 – $5 M per quarter over the next 12 months which includes Phase 3 clinical program planning and initiation costs for the critical limb ischemia program.

Q4/10 Highlights:

ASTM has made significant progress during the past 12 months and are now in a much stronger position to execute our clinical programs and commercialize our autologous cell therapies,” said Tim Mayleben, president and CEO of Aastrom Biosciences:

  • ASTM reported positive Phase 2b interim results in the treatment of critical limb ischemia,
  • Expanded clinical research program in dilated cardiomyopathy,
  • Raised more than $17 M in new capital,
  • Executed a reverse stock split to improve our capital structure,
  • Increased institutional ownership of our stock,
  • Strengthened management team with several key appointments.

“Based on these achievements, we are now preparing to move our critical limb ischemia program into Phase 3 development, report final results from the ongoing Phase 2 CLI study, report interim data from the IMPACT-DCM study and complete the ongoing Phase 2 Catheter DCM trial.”