Aastrom Board of Directors Names Dominick C. Colangelo President and Chief Executive Officer
07 March 2013 - 8:15AM
Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of
patient-specific, expanded multicellular therapies for the
treatment of severe, chronic cardiovascular diseases, today
announced that the company's board of directors has named Dominick
C. Colangelo, Esq., as president and CEO of Aastrom. Mr. Colangelo
will also serve as a member of the Aastrom board of directors.
Mr. Colangelo joins Aastrom with more than twenty years of
executive management and corporate development experience in the
biopharmaceutical industry, including almost a decade with Eli
Lilly and Company. Most recently, he was president and chief
executive officer of Promedior, Inc., a clinical-stage
biotechnology company developing protein therapeutics for the
treatment of fibrovascular diseases. During his career, Mr.
Colangelo has held executive positions of increasing responsibility
in product development, pharmaceutical operations, sales and
marketing, and corporate development. He has extensive
experience in the acquisition, development and commercialization of
therapies to treat fibrovascular, metabolic, and cardiovascular
diseases.
"I am very pleased to have the opportunity to join Aastrom
Biosciences, a leader in the cell therapy field, as the company
continues to advance ixmyelocel-T through late-stage clinical
development for the treatment of severe cardiovascular diseases,"
said Mr. Colangelo. "Ixmyelocel-T, which is comprised
principally of macrophage and mesenchymal stromal cells expanded
from a patient's own bone marrow, utilizes cell populations that
have been shown to play a key role in reducing inflammation and
promoting angiogenesis and tissue repair. This multicellular
approach has tremendous therapeutic potential to treat these
debilitating diseases and significantly improve the lives of
patients."
Aastrom is currently conducting pivotal studies of ixmyelocel-T
in the treatment of severe cardiovascular conditions, including the
REVIVE Phase 3 clinical trial in critical limb ischemia (CLI) and
the ixCELL-DCM Phase 2 trial in patients with ischemic dilated
cardiomyopathy. Dan Orlando, who has served as interim CEO of
Aastrom since November, will continue to support these programs and
the company's commercialization of ixmyelocel-T in his position as
chief commercial officer.
"Nick Colangelo brings an outstanding range of expertise in
business strategy and operational experience to Aastrom at a time
when this experience will be a significant advantage for our
company," said Robert L. Zerbe, M.D., chairman of Aastrom's board
of directors. "He has demonstrated success in building
high-value pipelines and executing transactions that support
corporate development initiatives. He is highly qualified to
lead Aastrom during this historic period in our growth as we work
to complete clinical development and plan for regulatory review and
commercialization of ixmyelocel-T. I would also like to thank
Dan Orlando for his outstanding contributions in continuing
Aastrom's progress during his tenure as interim CEO."
About Aastrom Biosciences
Aastrom Biosciences is the leader in developing
patient-specific, expanded multicellular therapies for use in the
treatment of patients with severe, chronic cardiovascular
diseases. The company's proprietary cell-processing technology
enables the manufacture of ixmyelocel-T, a patient-specific
multicellular therapy expanded from a patient's own bone marrow and
delivered directly to damaged tissues. Aastrom has advanced
ixmyelocel-T into late-stage clinical development, including a
Phase 3 clinical program to study patients with critical limb
ischemia and a Phase 2b clinical trial in patients with ischemic
dilated cardiomyopathy. For more information, please visit
Aastrom's website at www.aastrom.com. For more information on
the pivotal REVIVE Phase 3 clinical trial, please visit the trial
website at www.revivecli.com.
The Aastrom Biosciences, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3663
This document contains forward-looking statements, including,
without limitation, statements concerning clinical trial plans and
progress, objectives and expectations, clinical activity timing,
intended product development, the performance and contribution of
certain individuals and expected timing of collecting and analyzing
treatment data, all of which involve certain risks and
uncertainties. These statements are often, but are not always, made
through the use of words or phrases such as "anticipates,"
"intends," "estimates," "plans," "expects," "we believe," "we
intend," and similar words or phrases, or future or conditional
verbs such as "will," "would," "should," "potential," "could,"
"may," or similar expressions. Actual results may differ
significantly from the expectations contained in the
forward-looking statements. Among the factors that may result in
differences are the inherent uncertainties associated with clinical
trial and product development activities, regulatory approval
requirements, competitive developments, and the availability of
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, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission. These forward-looking statements reflect management's
current views and Aastrom does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this release
except as required by law.
CONTACT: Media contact
Andrea Coan
Berry & Company
acoan@berrypr.com
(212) 253-8881
Investor contact
Chad Rubin
The Trout Group
crubin@troutgroup.com
(646) 378-2947
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