Aastrom Biosciences, an Ann Arbor, MI-based biotech company developing experimental adult stem cell therapy, announced this morning a $22.5 million public offering at a purchase price of $2.25 per unit. Aastrom (NASDAQ: ASTM) plans to use the proceeds for research and development expenses, according to a news release.
As Luke Timmerman, Xconomy’s national biotech editor, reported in October, Aastrom has been granted fast-track status by the FDA in trials for treatment of critical limb ischemia, a severe form of cardiovascular disease in the legs.
The company first announced the intended offering yesterday afternoon, which apparently spooked some investors and spurred a 22 percent drop in the company’s stock in after-hours trading.
Author: Howard Lovy
Howard Lovy is a veteran journalist who has focused primarily on technology, science and innovation during the past decade.
In 2001, he helped launch Small Times Magazine, a nanotech publication based in Ann Arbor, MI, where he built the freelance team and worked closely with writers to set the tone and style for an emerging sector that had never before been covered from a business perspective. Lovy's work at Small Times, and on one of the first nanotechnology-themed blogs, helped him earn a reputation for making complex subjects understandable, interesting, and even entertaining for a broad audience. It also earned him the 2004 Prize in Communication from the Foresight Institute, a nanotech think tank.
In his freelance work, Lovy covers nanotechnology in addition to technological innovation in Michigan with an emphasis on efforts to survive and retool in the state's post-automotive age. Lovy's work has appeared in many publications, including Wired News, Salon.com, the Wall Street Journal, The Detroit News, The Scientist, the Forbes/Wolfe Nanotech Report, Michigan Messenger, and the Ann Arbor Chronicle.
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