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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts