Aastrom Biosciences, Inc. (ASTM) Q2 2012 Earnings Call August 7, 2012 4:30 PM ET Executives Brian Gibson – VP, Finance Tim Mayleben – President and CEO Grayson Wheatley Analysts Chad Messer – Needham & Company Keay Nakae – Ascendiant Steve Brozak – WBB Securities Jason Kolbert – Maxim PresentationOperator
Ladies and gentlemen, thank you for standing by. Welcome to Aastrom Biosciences Second Quarter 2012 Conference Call. At this time, all participants are in a listen-only mode and after opening remarks we will open up for questions. Instructions for queuing up will be provided at that time. I would also like to remind you that this conference is being recorded for replay. I will now turn the conference over to Brian Gibson, Aastrom’s Vice President of Finance. Brian Gibson Thank you, Michelle, and good afternoon everyone. Welcome to our second quarter 2012 conference call to discuss our most recent financial results and the progress of our development programs. Before we begin, let me remind you that on today’s call, we will be making forward-looking statements covered under the Private Securities Litigation Reform Act of 1995. In any and all of our projections, forward-looking statements represent our judgment as of today. These statements may involve risks and uncertainties that are described more fully in our filings with the SEC, which are also available on our website. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Joining us on the call today are Aastorm’s President and Chief Executive Officer, Tim Mayleben; and Grayson Wheatley, a cardiovascular surgeon at the Arizona Heart Institute and a principal investigator from the Phase 2b RESTORE-CLI clinical trial and the pivotal Phase 3 REVIVE-CLI clinical trial. Dr. Wheatley is with us today to discuss his experience treating patients of critical limb ischemia and his participation In Aastorm’s clinical development programs for CLI. Following our prepared remarks, we will open the call to your questions.
Aastrom Biosciences (ASTM) soared Monday after the company announced its acquisition of Sanofi's Cell Therapy and Regenerative Medicine, or CTRM, business for $6.5 million. Aastrom will pay $4 million in cash and $2.5 million in a promissory note for the business. The company expects the acquisition to close in approximately three weeks. The acquisition gives Aastrom global commercial rights to three marketed autologous cell therapy products called Carticel, Epicel and MACI. Revenues of those three products totaled $44 million in 2013. Aastrom will also acquire manufacturing and production centers in the U.S. and Denmark. The stock was up 32.1% to $46.5 at 11:15 a.m., by which point it had eclipsed its average volume of 380,200 with more than 1.6 million shares traded for the day. Aastrom hit a high of $4.95 for the day as of that time.