Aastrom Biosciences Announces Amendment of Series B Preferred Stock Certificate of Designations, Preferences and Rights
13 August 2013 - 4:29AM
Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of
patient-specific, expanded multicellular therapies for the
treatment of severe, chronic cardiovascular diseases, announced
today that it has entered into an agreement with Eastern Capital
Limited to amend the Company's Series B Preferred Stock Certificate
of Designations, Preferences and Rights to, among other things,
amend the treatment of the Company's Series B-1 Non-Voting
Preferred Stock and Series B-2 Voting Preferred Stock. As a result
of the amendment, the Series B-2 Shares will be reclassified from
mezzanine equity to shareholders' equity on the Company's balance
sheet, increasing shareholders' equity by $37.7 million.
"We are very pleased to have executed this Series B preferred
stock amendment with Eastern Capital," said Nick Colangelo,
president and chief executive officer of Aastrom. "The amendment
substantially increases the Company's shareholders' equity.
Together with completion of our current offering, this action will
position Aastrom to regain compliance with the NASDAQ minimum
equity standard."
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 2b clinical
trial in patients with ischemic dilated cardiomyopathy. For more
information, please visit Aastrom's website at www.aastrom.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 Registration Statement on Form S-1/A, 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
Bill Berry
Berry & Company
bberry@berrypr.com
(212) 253-8881
Investor contact
Chad Rubin
The Trout Group
crubin@troutgroup.com
(646) 378-2947
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