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Aastrom Biosciences Reports Third-Quarter And Nine-Month 2013 Financial Results

ANN ARBOR, Mich., Nov. 12, 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 nine months ended September 30, 2013.

Aastrom reported a net loss for the quarter and nine months ended September 30, 2013 of $2.3 million, or $0.06 per share, and $12.7 million, or $0.33 per share, respectively, compared to $6.0 million, or $0.17 per share, and $22.8 million, or $0.63 per share, for the same periods a year ago. The substantial decrease in net loss from the prior year is primarily due to decreases in research and development and general and administrative expenses and the non-cash change in the fair value of warrants.

Research and development expenses for the quarter and nine months ended September 30, 2013 were $2.6 million and $11.8 million, respectively, versus $6.1 million and $20.0 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 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 nine months ended September 30, 2013 were $1.1 million and $4.3 million, respectively, compared to $2.1 million and $6.1 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 expenses related to the forfeiture of stock options.

Other income for the quarter and nine months ended September 30, 2013 was $1.4 million and $3.3 million, respectively, compared to $2.3 million and $3.3 million for the same periods a year ago. The change in value was primarily due to the decline in our stock price, the adjustment to fair value due to the exercise of warrants in September 2013, the reduction in the December 2010 warrants outstanding and the reduction in the time to maturity for the warrants.

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