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Aastrom Biosciences Reports Fourth-Quarter And Year-End 2012 Financial Results

ANN ARBOR, Mich., March 18, 2013 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of patient-specific expanded multicellular therapies for the treatment of severe chronic cardiovascular diseases, today reported financial results for the fourth quarter and year ended December 31, 2012.

Aastrom reported a net loss attributable to common shareholders of $7.9 million, or $0.18 per share, for the fourth quarter and $33.5 million, or $0.81 per share, for the year ended December 31, 2012 compared to a net loss of $2.8 million, or $0.07 per share, and $19.7 million, or $0.51 per share, for the same periods in 2011. The increase in net loss for both periods is primarily due to the non-cash change in the fair value of warrants, the non-cash accretion of our convertible preferred stock and increases in research and development expenses.

Research and development expenses for the quarter and year ended December 31, 2012 were $6.0 million and $26.0 million, respectively, versus $5.9 million and $21.3 million for the same periods in 2011. The increase in R&D expenses for both periods was primarily attributable to the launch of the Phase 2b ixCELL-DCM clinical study and the ongoing Phase 3 REVIVE clinical program for ixmyelocel-T, as well as an increase in non-cash stock-based compensation expenses.

General and administrative expenses for the quarter and year ended December 31, 2012 were $1.6 million and $7.8 million, respectively, compared to $1.9 million and $7.7 million for the same periods in 2011. The fourth quarter of 2012 includes a reversal of nearly $1 million in non-cash stock based compensation expense related to stock option forfeitures. This was offset by an increase in non-cash stock based compensation expense before the forfeiture adjustment and slightly higher legal and consulting costs.

Other income for the quarter and year ended December 31, 2012 was $1.0 million and $4.3 million, respectively, compared to $5.0 million and $9.4 million for the same periods a year ago. The fluctuations are due to non-cash changes in the fair value of the company's outstanding warrants, primarily driven by the change in the fair market value of the company's common stock in these periods.

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