Attached files
file | filename |
---|---|
8-K - FORM 8-K - Vericel Corp | a58700e8vk.htm |
Exhibit 99.1
Aastrom Biosciences Dominos Farms, Lobby K 24 Frank Lloyd Wright Drive Ann Arbor, MI 48105 T 734 9305555 F 734 6650485 www.aastrom.com |
Aastrom Announces Restatement of Historical Financial
Results to Reflect Reclassification of Warrants
Results to Reflect Reclassification of Warrants
Accounting for Warrants Will Have No Impact on Companys Current or
Previously Reported Cash Position or Operating Expenses
Previously Reported Cash Position or Operating Expenses
ANN ARBOR, Mich., February 14, 2011 (GLOBE NEWSWIRE) Aastrom Biosciences, Inc. (Nasdaq: ASTM)
announced today that the company will be restating its financial statements for all periods
included in an amended annual report on Form 10-K/A for the fiscal period ended June 30, 2010, as
well as amended Form 10-Q/As for the quarters ended September 30, 2009, December 31, 2009, March
31, 2010 and September 30, 2010 as a result of comments received from the Securities and Exchange
Commission following a review of the companys annual report on Form 10-K for the fiscal year ended
June 30, 2010. The restatements will correct for a misapplication of the accounting for warrants to
purchase shares of the companys common stock that were issued in connection with prior equity
offerings. These warrants will now be reclassified as liabilities, with changes in the fair value
of the warrants recorded as non-cash income or expense in each reporting period.
All the restatements involve non-cash, non-operating expenses and will have no impact on the
companys current or previously stated cash position, operating expenses or cash flows. Aastrom
anticipates filing the amended annual and quarterly reports within the next two weeks, but is
presently targeting such a filing on or before February 18, 2011 with restated financial statements
reflecting the treatments of the warrants described above. A current report on Form 8-K that
further describes the foregoing restatement of the companys financial statements has been filed by
Aastrom today and is available at www.sec.gov.
About Aastrom Biosciences
Aastrom Biosciences is developing expanded autologous cellular therapies for use in the treatment
of severe, chronic cardiovascular diseases. The companys proprietary cell-processing technology
enables the manufacture of mixed-cell therapies expanded from a patients own bone marrow and
delivered directly to damaged tissues. Aastrom has advanced its cell therapies into late-stage
clinical development, including a planned Phase 3 clinical program for the treatment of patients
with critical limb ischemia and two ongoing
more
Phase 2 clinical trials in patients with dilated cardiomyopathy. For more information, please visit
Aastroms website at www.aastrom.com.
Media and investor contact
Stephen Zoegall
Berry & Company
212 2538881
ir@aastrom.com
szoegall@berrypr.com
Stephen Zoegall
Berry & Company
212 2538881
ir@aastrom.com
szoegall@berrypr.com
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 Aastroms 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 managements 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.