Biosciences, Inc. is engaged in the development of human cell therapy products
intended for a broad range of medical applications, based on its patented
process and device capabilities.
Biosciences, Inc. est engagé dans le développement de produits
de thérapie de cellules destinés à une large gamme
d' applications médicales, basée sur ses possibilités
de processus et de dispositifs brevetées.
Biosciences Reports Third Quarter 2011 Financial Results
ARBOR, Mich., Nov. 8, 2011 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc.
(Nasdaq:ASTM), the leading developer of patient-specific expanded multicellular
therapies for the treatment of severe chronic cardiovascular diseases,
today reported financial results for the quarter and nine months ended
September 30, 2011.
recent financial results reflect the rapid advancement of our clinical
programs this year, including plans to initiate the REVIVE-CLI Phase 3
clinical trial of ixmyelocel-T in the fourth quarter of 2011. This trial
will enroll patients with critical limb ischemia who have no other treatment
options available," said Tim Mayleben, president and CEO of Aastrom. "We
also look forward to presenting the final results from the Phase 2b RESTORE-CLI
clinical study on November 14, 2011 at the American Heart Association Scientific
Sessions in Orlando, Florida."
reported a net loss of $1.9 million, or $0.05 per share, for the third
quarter of 2011 compared to a net loss of $5.9 million, or $0.21 per share,
for the same period a year ago. For the nine months ended September 30,
2011, Aastrom reported a net loss of $16.9 million, or $0.44 per share,
compared to $12.4 million, or $0.45 per share for the same period in 2010.
and development expenses for the quarter and nine months ended September
30, 2011 were $5.8 million and $15.4 million, respectively, versus $4.2
million and $10.6 million for the same periods a year ago. The increase
in research and development expenses for both periods was primarily attributable
to advanced preparations for the Phase 3 REVIVE-CLI clinical program for
ixmyelocel-T as well as an increase in non-cash stock-based compensation
and administrative expenses for the quarter and nine months ended September
30, 2011 were $1.7 million and $5.8 million, respectively, compared to
$1.7 million and $4.6 million for the same periods a year ago. The increase
in general and administrative expenses for the nine months ended September
30, 2011 was primarily due to an increase in consulting and employee-related
expenses, including non-cash stock-based compensation expenses, as well
as costs related to the previously announced restatement of the company's
historical financial results in the first quarter of 2011.
income (expense) for the quarter and nine months ended September 30, 2011
was $5.5 million and $4.3 million, respectively, compared to $(0.1) million
and $2.8 million for the same periods a year ago. The fluctuations are
due to non-cash changes in the fair value of the company's outstanding
warrants, driven by the change in the fair market value of the company's
common stock in these periods.