George W. Dunbar Joins Aastrom Biosciences as Chief Executive Officer
17 July 2006 - 9:00PM
PR Newswire (US)
- Appointment Adds Strong Industry Leader to Adult Stem Cell
Company - ANN ARBOR, Mich., July 17 /PRNewswire-FirstCall/ --
Aastrom Biosciences, Inc. (NASDAQ:ASTM) today announced that George
W. Dunbar, Jr. has joined the Company as Chief Executive Officer,
President, and a member of Aastrom's Board of Directors. R. Douglas
Armstrong, Ph.D., is stepping down as CEO after 15 years, and will
continue as Chairman of the Board of Directors of Aastrom for the
remainder of his term, and provide support to the Company and Mr.
Dunbar during this transition. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060302/NETH028LOGO ) Mr.
Dunbar is a seasoned business executive with more than 25 years of
experience in the healthcare field, including the biotech,
pharmaceutical, diagnostic and device sectors. During this period
he spent 15 years in the role of Chief Executive Officer at both
established and early-stage healthcare companies, including:
Quantum Dot Corporation, commercializing proprietary fluorescent
labeling/detection reagents; Targesome, Inc., focusing on the
development of targeted cancer drugs; Epic Therapeutics, developing
drug delivery technology; Metra Biosystems, Inc., developing
immunodiagnostic and portable ultrasound products for osteoporosis
management; and StemCells, Inc. (formerly CytoTherapeutics),
developing stem cell therapies. Mr. Dunbar also held senior
positions in licensing, business development and marketing with The
Ares-Serono Group and Amersham International. Mr. Dunbar has
significant experience serving as a board member of both public and
private companies, and currently serves on the board of directors
of Competitive Technologies and Sonus Pharmaceuticals. He also
serves on the MBA Advisory Board of the College of Business at
Auburn University, where he received his B.S. and MBA degrees.
Previous boards of director appointments include DepoTech, LJL
Biosystems, Metrika, Molecular Probes, Quidel, and The Valley
Medical Center Foundation. "We are extremely pleased to welcome
George Dunbar as our Chief Executive Officer and President," said
Dr. Armstrong. "George has extensive experience in the disciplines
that we consider critically important in order for Aastrom to
realize its full potential as an innovative tissue regeneration
company. He has the management skills, and the demonstrated ability
to successfully establish strategic alliances and bring new medical
products to market that we were seeking in a CEO. He is a natural
fit for Aastrom." "I look forward to leading Aastrom. I am eager to
move the Company to the next level, leveraging the various research
and clinical programs, and launching vital new adult stem
cell-related products that will improve the quality of life for
many people," stated Mr. Dunbar. "Bone marrow stem cell-derived
regenerative medicine has the potential to change the way we treat
and manage patients in the future. I welcome the opportunity to
work with Aastrom, a leader in this field, to build shareholder
value and to make an important contribution to the future of
healthcare." In response to Dr. Armstrong's request, Aastrom's
Board of Directors initiated a CEO management succession plan in
December 2005 that resulted in Mr. Dunbar's appointment. Susan L.
Wyant, Pharm.D, Lead Director of Aastrom's Board commented, "The
Board of Directors is confident of Aastrom's direction with the
leadership responsibility continuing under such a capable and
accomplished medical products business executive as George Dunbar.
George's considerable management experiences over an extensive
career in the life sciences industry provide the vision, knowledge
and skills needed to guide Aastrom to future success." As part of
his compensation package, Mr. Dunbar received an inducement grant
of a stock option to purchase up to 2.5 million shares of Aastrom
common stock with an exercise price equal to the fair market value
at the close of the market on July 17, 2006, the date of the grant,
and vesting based on a combination of performance milestones and
time. Dr. Wyant continued, "The Board is also very pleased that Dr.
Armstrong will continue as our Chairman to ensure a seamless
transition, and to provide strategic guidance based on his years of
experience in the cell therapy field." The Company announced other
related changes in management. James A. Cour, who has been with
Aastrom since 2004 as its President and COO, has left the Company
to pursue other opportunities. About Aastrom Biosciences, Inc.
Aastrom Biosciences, Inc. (NASDAQ:ASTM) is developing products for
the repair or regeneration of multiple human tissues, based on its
proprietary Tissue Repair Cell (TRC) adult stem cell technology.
Aastrom's therapeutic TRC products contain large numbers of
stromal, stem and progenitor cells that are produced from a small
amount of bone marrow cells originating from the patient. TRC
products have been used in over 225 patients, and are currently in
clinical trials for bone grafting (long bone fractures and spine
fusion) and blood vessel regeneration (critical limb ischemia)
applications. The Company has reported positive interim clinical
trial results for its TRCs demonstrating both the clinical safety
and ability of TRCs to induce healthy new tissue growth (long bone
fractures and jaw bone reconstruction). Recently, the Company's
proprietary TRCs received an Orphan Drug Designation from the U.S.
Food and Drug Administration (FDA) for use in the treatment of
osteonecrosis at the hip. For more information, visit Aastrom's
website at http://www.aastrom.com/. This document contains
forward-looking statements, including without limitation,
statements concerning anticipated management transitions and
company development goals, which involve certain risks and
uncertainties. The forward-looking statements are also identified
through use of the words "potential," and other words of similar
meaning. Actual results may differ significantly from the
expectations contained in the forward-looking statements. Among the
factors that may result in differences are unforeseen difficulties
effecting the anticipated management transitions, clinical trial
results, potential product development difficulties, regulatory
approval requirements, the availability of financial and other
resources and the allocation of resources among different potential
uses. These and other significant factors are discussed in greater
detail in Aastrom's Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. CONTACTS: Kris M. Maly
Cameron Associates Investor Relations Department Kevin McGrath
Aastrom Biosciences, Inc. Phone: (212) 245-4577 Phone: (734)
930-5777 Deanne Eagle (Media) Phone: (212) 554-5463
http://www.newscom.com/cgi-bin/prnh/20060302/NETH028LOGO
http://photoarchive.ap.org/ DATASOURCE: Aastrom Biosciences, Inc.
CONTACT: Kris M. Maly, Investor Relations Department of Aastrom
Biosciences, Inc., +1-734-930-5777; or Kevin McGrath,
+1-212-245-4577, or Deanne Eagle, Media, +1-212-554-5463, both of
Cameron Associates, for Aastrom Biosciences, Inc. Web site:
http://www.aastrom.com/
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