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Aastrom Biosciences Reports Second-Quarter And First-Half 2013 Financial Results

ANN ARBOR, Mich., Aug. 7, 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 quarter and six months ended June 30, 2013.

Aastrom reported a net loss attributable to common shareholders for the quarter and six months ended June 30, 2013 of $4.9 million, or $0.11 per share, and $11.7 million, or $0.26 per share, respectively, compared to $8.6 million, or $0.22 per share, and $18.3 million, or $0.47 per share, for the same periods a year ago. The substantial decrease in net loss attributable to common shareholders from the prior year is primarily due to the non-cash change in the fair value of warrants and decreases in research and development and general and administrative expenses.

Research and development expenses for the quarter and six months ended June 30, 2013 were $3.7 million and $9.2 million, respectively, versus $7.1 million and $13.9 million for the same periods a year ago. The decrease is due to a reduction in clinical trial expenses due to stopping enrollment in the Phase 3 REVIVE clinical trial, the execution of a corporate restructuring that substantially reduced headcount and operating expenses, and the reversal of non-cash stock compensation expenses due to the forfeiture of stock options.

General and administrative expenses for the quarter and six months ended June 30, 2013 were $1.6 million and $3.2 million, respectively, compared to $2.2 million and $4.0 million for the same periods a year ago. The decrease is due to the reduction of operating expenses resulting from the corporate restructuring and the reversal of non-cash stock compensation expense related to the forfeiture of stock options.

Other income for the quarter and six months ended June 30, 2013 was $0.3 million and $2.0 million, respectively, compared to $2.0 million and $1.1 million for the same periods a year ago. The change in value was primarily due to non-cash changes in the fair value of warrants, resulting from the change in the price of the company's common stock during each period and a reduction in the number of warrants outstanding during 2012.

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