Aastrom Biosciences, Inc. Reports First Quarter Fiscal Year 2005
Financial Results ANN ARBOR, Mich., Nov. 4 /PRNewswire-FirstCall/
-- Aastrom Biosciences, Inc. (NASDAQ:ASTM) today reported financial
results for the first fiscal quarter ended September 30, 2004. The
Company also reported several achievements during the last quarter,
both clinically and operationally. For the quarter ended September
30, 2004, these achievements included: * New management appointment
- Janet M. Hock, B.D.S., Ph.D. named Vice President Global
Research, responsible for Aastrom's biological research and
clinical development programs. This appointment follows the recent
addition of James Cour as President and Chief Operating Officer *
Research grant - award of a Phase I Small Business Innovation
Research grant entitled "Dendritic Cell Subset for Enhanced Cancer
Vaccine" from the National Institutes of Health National Cancer
Institute. The eight- month study will determine the efficacy and
ability of the Company's proprietary AastromReplicell(R) System to
enhance the immunostimulatory potency of dendritic cell-based
cancer vaccines through its patented single-pass perfusion
technology * Clinical update - completion of patient accrual for
first phase of clinical trial at Barcelona, Spain, for use of
Aastrom's Tissue Repair Cells (TRCs) in the regenerative repair of
severe long bone non-union fractures "The progress of our lead
adult stem cell TRC clinical program is driving our emergence as a
leading company in regenerative medicine, and contributes greatly
to our ability to attract high quality executive personnel, such as
Dr. Hock and Mr. Cour. Their contributions will be invaluable in
bringing our technology to the marketplace," commented R. Douglas
Armstrong, Ph.D., Chief Executive Officer and Chairman of Aastrom.
Dr. Armstrong continued, "Looking forward, we expect continued
progress in the clinic; for example the addition of clinical sites
to our Phase I/II U.S. multi-center trial for non-union tibial
fractures, the completion of patient enrollment into our recently
announced clinical trial for the use of our TRCs in maxillary sinus
lift bone graft procedures in Spain, and the commencement of our
German clinical study evaluating the ability of TRCs to regenerate
vascular tissue in patients with diabetic limb ischemia. Our
strategy of accessing large, diverse therapeutic areas utilizing
the same TRC technology is on track, and as our portfolio of
product candidates moves forward, we will focus our efforts on
developing the appropriate marketing partnerships for these
products." First Quarter Fiscal Year 2005 ended September 30, 2004
Results Total revenue for the quarter ended September 30, 2004,
consisting of product sales and rentals in the EU and grants, was
$187,000 compared to $300,000 for the same period in fiscal year
2004. Net loss for the quarter ended September 30, 2004 was $2.65
million, or $.03 per share, compared to a net loss of $2.8 million,
or $.04 per share for the same period in fiscal year 2004. At
September 30, 2004, the Company had $15.0 million in cash, cash
equivalents and marketable securities as compared to $16.9 million
in cash, cash equivalents and marketable securities at September
30, 2003. The cash balance at September 30, 2004 does not include
proceeds from a $10 million sale of the Company's common stock to
institutional investors in a registered direct placement completed
in late October 2004. Total costs and expenses for the quarter
ended September 30, 2004 were $2.9 million compared to $3.2 million
for the same period in fiscal year 2004. Research and development
expenses for the quarter ended September 30, 2004 increased
slightly to $1.6 million, from $1.4 million for the same period in
fiscal year 2004. This increase reflects our continued research and
product development activities in the area of tissue regeneration,
including our ongoing and planned TRC clinical trials in the United
States and the EU. Selling, general and administrative expenses
decreased slightly to $1.3 million for the quarter ended September
30, 2004, compared to $1.6 million for the same period in fiscal
year 2004, primarily due to a non-recurring, non-cash compensation
expense recorded during the quarter ended September 30, 2004. "Our
increased financial resources place us in a better position to
respond operationally to any positive results from our ongoing
clinical programs," said Alan M. Wright, Senior Vice President
Administrative and Financial Operations and Chief Financial Officer
of Aastrom. Milestones Expected During Fiscal Year 2005 Aastrom
entered fiscal year 2005 with sufficient funding to support planned
clinical and operational goals and objectives, including: *
Continued accrual of patients in our current FDA multi-center bone
graft trial in the U.S., and expansion to additional institutions
as clinical sites * Expansion of clinical studies in Spain for bone
grafting repair of severe non-union fractures; pending positive
results, move toward commercialization in the EU * Completion of a
recently initiated jaw bone reconstruction clinical trial in the EU
for sinus lift procedures for dental implants; pending positive
results, move toward commercialization in the EU * Initiation of an
German clinical study to evaluate the ability of TRCs to regenerate
vascular tissue in patients with diabetic limb ischemia * Pursuit
of applicable opportunities for grants, to further define potential
uses and applications for our proprietary technology and cell
products Aastrom Conference Call Information R. Douglas Armstrong,
Ph.D., Chief Executive Officer and Chairman and Alan M. Wright,
Senior Vice President Administrative & Financial Operations and
Chief Financial Officer of Aastrom Biosciences, Inc., will review
and discuss the first quarter fiscal year 2005 financial results
and the Company's recent progress and future goals today, November
4, 2004, at 11:00 a.m. (EST) when they will host a conference call.
Interested parties should call (785) 832- 0201, or toll-free (800)
223-9488, fifteen minutes before the start of the call to register
and identify themselves as registrants of the 'Aastrom Conference
Call'. The call will be simulcast on the web at
http://phx.corporate-ir.net/playerlink.zhtml?c=85924&s=wm&e=959337,
and the entire call will be archived for replay at the same site
for 90 days. About Aastrom Biosciences, Inc. Aastrom Biosciences,
Inc. (NASDAQ:ASTM) is a regenerative medicine company developing
proprietary adult stem cell-based products for the repair of
damaged human tissues and other medical disorders, or the
generation of normal human tissues. Aastrom's strategic position in
the tissue regeneration and cell therapy sectors is enabled by its
proprietary Tissue Repair Cells (TRCs), a mix of bone marrow stem
and progenitor cells, and the AastromReplicell(R) System, an
industry-unique automated cell production platform used to produce
cells for clinical use. Together TRCs and the AastromReplicell
System provide a foundation that the Company is leveraging to
produce multiple Prescription Cell Products (PCPs), which are now
in the clinical stage in the U.S. and EU. TRCs are the core
component of the PCPs Aastrom is developing for bone grafting,
peripheral vascular disease, jaw bone reconstruction and spine
fusion markets. The Company has also developed the AastromReplicell
System for dendritic cell production for researchers and
institutions developing vaccines to treat cancer and infectious
diseases, under its Cell Production Products line. For more
information, visit Aastrom's website at http://www.aastrom.com/.
This document contains forward-looking statements, including
without limitation, statements concerning clinical trial plans and
expectations, intended product development and commercialization
objectives, the expected adequacy of capital resources to support
planned activities, expected milestones and plans for the current
fiscal year, potential product applications, and potential
advantages of the AastromReplicell System and related cell therapy
products, which involve certain risks and uncertainties. The
forward-looking statements are also identified through use of the
words "expect," "expected," "planned," "potential," "should," 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 the inherent uncertainties associated with clinical
trial and product development activities, regulatory approval
requirements, 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 Form10-K and other filings with the Securities and
Exchange Commission. CONSOLIDATED STATEMENT OF OPERATIONS DATA:
Quarter ended September 30, 2003 2004 REVENUES: Product sales and
rentals $25,000 $15,000 Grants and other 275,000 172,000 Total
revenues 300,000 187,000 COSTS AND EXPENSES: Cost of product sales
and rentals 12,000 15,000 Cost of product sales and rentals -
provision for obsolete and excess inventory 253,000 -- Research and
development 1,356,000 1,567,000 Selling, general and administrative
1,565,000 1,314,000 Total costs and expenses 3,186,000 2,896,000
OTHER INCOME 48,000 60,000 NET LOSS $ (2,838,000) $ (2,649,000) NET
LOSS PER COMMON SHARE (Basic and Diluted) $(.04) $(.03) Weighted
average number of common shares outstanding 70,662,000 82,738,000
CONSOLIDATED BALANCE SHEET DATA: June 30, September 30, 2004 2004
ASSETS Cash and investments $16,926,000 $14,995,000 Other current
assets 906,000 1,690,000 Property and equipment, net 334,000
386,000 Total assets $18,166,000 $17,071,000 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities $558,000 $779,000
Shareholders' equity 17,608,000 16,292,000 Total liabilities and
shareholders' equity $18,166,000 $17,071,000 DATASOURCE: Aastrom
Biosciences, Inc. CONTACT: Kris M. Maly or Becky Anderson, Investor
Relations Department of Aastrom Biosciences, Inc., +1-734-930-5777;
or Kevin McGrath of Cameron Associates, +1-212-245-4577 Web site:
http://www.aastrom.com/
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