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Aastrom Biosciences Reports First Quarter 2013 Financial Results

Stocks in this article: ASTM

ANN ARBOR, Mich., May 8, 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 first quarter ended March 31, 2013. Aastrom will host a conference call at 4:30 p.m. Eastern time today. Joining Aastrom's senior management team on the call will be Dr. Nabil Dib, MD, director of cardiovascular research at Mercy Gilbert and Chandler Medical Centers in Phoenix, associate professor of medicine and director of clinical cardiovascular cell therapy at the University of California, San Diego, and founder and editor-in-chief of the Journal of Cardiovascular Translational Research. Dr. Dib is a world-renowned interventional cardiologist and a principal investigator in the ixCELL-DCM study.

Aastrom reported a net loss attributable to common shareholders of $6.8 million, or $0.15 per share, for the first quarter ended March 31, 2013, compared to a net loss attributable to common shareholders of $9.7 million, or $0.25 per share, for the first quarter of 2012.  The decrease in net loss is primarily due to non-cash changes in the fair value of the company's outstanding warrants and lower research and development expenses, offset partially by the non-cash accretion of the company's convertible preferred stock.

Research and development expenses for the quarter ended March 31, 2013 were $5.5 million, versus $6.8 million for the same period in 2012.  The decrease in research and development expenses was primarily attributable to the reversal of nearly $0.9 million of non-cash stock-based compensation expense related to a change in estimated forfeitures as a result of the corporate restructuring announced in March 2013. The remainder of the decrease is primarily attributable to lower purchasing of manufacturing supplies to align inventory levels with expected clinical production volume.

General and administrative expenses for the quarter ended March 31, 2013 were down slightly at $1.6 million compared to $1.8 million for the same period in 2012. The decrease is primarily attributable to the reversal of non-cash stock based compensation expense related to a change in estimated forfeitures as a result of the corporate restructuring.

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