This is the driver for ASTM today. Notice the 2nd paragraph:
Aastrom Biosciences, Inc. Reports Second Quarter Financial Results
- Planned European Product Sales and New Products to Drive Company Forward -
ANN ARBOR, Mich., Jan. 23 /PRNewswire/ -- Aastrom Biosciences, Inc. (Nasdaq: ASTM - news) announced today financial results for the second fiscal quarter ended December 31, 2000. For the quarter, the Company reported a net loss of $.9 million, or $.03 per common share, compared to a net loss of $2.1 million, or $.12 per common share for the same period in 1999. For the six months ended December 31, 2000, the Company reported a net loss of $2.3 million, or $.07 per common share, compared to a net loss of $5.7 million, or $.34 per common share for the same period in 1999. Revenues, which consisted primarily of grant funding for the quarter and six-month period ended December 31, 2000, were $.3 million and $.5 million, respectively, compared to $.4 million and $.8 million for the same periods in 1999.
``Aastrom's second quarter was marked by the initiation of two exciting clinical trials of the AastromReplicell(TM) System, including a Phase I/II clinical trial of the OC-I Therapy Kit to evaluate the production of therapeutic quantities of bone-forming cells which may aid the treatment of osteoporosis and other degenerative bone diseases,'' said R. Douglas Armstrong, Ph.D., President and Chief Executive Officer of Aastrom. ``We also initiated a safety and feasibility study of the CB-II Therapy Kit to restore normal blood cell recovery in leukemia patients following a transplant of cord blood stem cells produced in the Company's newest cord blood kit. As Aastrom moves forward, we believe the continued development of functional cell technologies produced by the AastromReplicellTM System will be a driving force in the discovery of innovative therapies for patients and their physicians.''
Costs and expenses for the quarter and six months ended December 31, 2000 decreased to $1.4 million and $3.2 million, respectively, compared to $2.6 million and $6.6 million in 1999. These planned decreases were the result of general reductions previously implemented by the Company to control expenses while additional funding was being obtained. With the completion of additional funding during calendar year 2000, the Company plans to increase the scope of its activities, including marketing, particularly with respect to Europe. The decreases in 2000 expenses reflect decreases in research and development expense to $1.0 million and $2.0 million, respectively, for the quarter and six months ended December 31, 2000, from $1.9 million and $3.5 million, respectively, for the same period in 1999. Similarly, selling, general and administrative expenses decreased to $.4 million and $1.2 million, respectively, for the quarter and six months ended December 31, 2000, from $.7 million and $1.9 million, respectively for the same periods in 1999. Management noted that cost of product sales and rentals for the six months ended December 31, 1999 included a charge of $1.1 million relating to the write down of AastromReplicell(TM) System inventory in connection with the operational reductions previously implemented.
``We enter 2001 with excitement and optimism, led by our preparation to move our lead products into the European marketplace,'' Dr. Armstrong continued. ``To lead these activities, we recently announced the hire of Audrey Hutter for the new position of Vice President Market Operations. We are also pleased with the progress made in our new clinical development programs and, importantly, our new DC-I Therapy Kit development program. The DC-I Therapy Kit is being developed to enable the production of human dendritic cells for the use in cancer vaccines.''
Aastrom Biosciences, Inc. is pioneering the development of proprietary clinical systems including the AastromReplicell(TM) System, a first of its kind product, to enable physicians and patients greater accessibility to cells used for therapy. The AastromReplicell(TM) System product line consists of an instrumentation platform that can operate a growing number of patient-specific therapy kits tailored to each cell therapy application. This product platform is intended to provide a standardized and automated way of producing cells that comply with the necessary regulatory standards, ultimately making cells more readily available in medical practice. Aastrom has received patents covering methods and devices for the ex vivo production of human stem cells, as well as for the genetic modification of stem cells. The AastromReplicell(TM) System has received CE Mark approval, necessary for European marketing. The platform is not available for sale at this time in the U.S., except for research or investigational use.
Please visit Aastrom's website at aastrom.com. |
