Stephen G. Sudovar Elected Chairman of Aastrom Biosciences' Board of Directors
17 November 2006 - 12:00AM
PR Newswire (US)
ANN ARBOR, Mich., Nov. 16 /PRNewswire-FirstCall/ -- Aastrom
Biosciences, Inc. (NASDAQ:ASTM), a clinical development stage
company focused on the use of autologous cells for regenerative
medicine, announced today that Stephen G. Sudovar, CEO of SGS
Associates and former President of Roche Laboratories, Inc., has
been elected Chairman of the Company's Board of Directors. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060302/NETH028LOGO ) Mr.
Sudovar has been a member of Aastrom's Board since July 2005.
During his extensive, 30-year career in the health care industry at
both large global companies as well as development stage companies,
he held several senior executive positions. These include:
President and CEO of EluSys Therapeutics, Inc., President of Roche
Laboratories, Inc. (a division of Hoffmann LaRoche, Inc.) and
President and CEO of Pracon Incorporated. Mr. Sudovar holds a B.S.
in Marketing from St. Peter's College and an M.B.A. from Fairleigh
Dickinson University. He is an adjunct professor of management at
Montclair State University, and has published articles on a wide
variety of issues related to the field of health care. "We are
pleased to announce that Mr. Sudovar was elected by the Board of
Directors as the Chairman of Aastrom's Board. During the time he
has served as a member of the Board, we have benefited from his
industry leadership experiences," said George W. Dunbar, President
and Chief Executive Officer of Aastrom. "Mr. Sudovar's board and
executive management experience, along with his medical products
expertise, make him an excellent representative for our
shareholders and a key advisor for our corporate officers." "I look
forward to serving Aastrom and its shareholders as Chairman, and am
indeed honored to be elected by this Board of highly accomplished
executives," stated Mr. Sudovar. "I am excited to be working with
George Dunbar and the Aastrom team to deliver novel stem cell
technology to the field of regenerative medicine." Aastrom's Board
is composed of individuals with a variety of large cap and small
cap biotech and pharmaceutical experience. At the 2006 Annual
Meeting of Shareholders, Alan L. Rubino and Nelson M. Sims were
reelected by the shareholders as Class III directors; each will
serve a three-year term. In addition to Mr. Sudovar, Mr. Rubino and
Mr. Sims, Aastrom's Board consists of George W. Dunbar, Susan L.
Wyant, PharmD, Timothy M. Mayleben and Robert L. Zerbe, MD. All of
these individuals, other than Aastrom's CEO, Mr. Dunbar, meet the
applicable tests as independent directors. About Aastrom
Biosciences, Inc. Aastrom Biosciences, Inc. (NASDAQ:ASTM) is
developing autologous cell products for the repair or regeneration
of multiple human tissues, based on its proprietary Tissue Repair
Cell (TRC) technology. Aastrom's TRC-based products are a unique
cell mixture containing stromal, stem and progenitor cell
populations, produced outside the body from a small amount of bone
marrow taken from the patient. TRC-based products have been used in
over 230 patients, and are currently in clinical trials for bone
regeneration (long bone fractures and spine fusion) and vascular
regeneration (critical limb ischemia) applications. The Company has
reported positive interim clinical trial results for TRCs
suggesting both the clinical safety and the ability of TRCs to
induce tissue regeneration in long bone fractures and jaw bone
reconstruction. 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 of the femoral head. In
addition, Aastrom is developing plans for a TRC-based therapy for
cardiac regeneration. For more information, visit Aastrom's website
at http://www.aastrom.com/. CONTACTS: Kris M. Maly Investor
Relations Department Aastrom Biosciences, Inc. Phone: (734)
930-5777 Cameron Associates Kevin McGrath Phone: (212) 245-4577
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 Web site: http://www.aastrom.com/
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