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To: Knight who wrote (9403)	11/1/2002 3:06:17 PM
From: BW	Read Replies (2) \| Respond to of 48461

Dutton & Associates Announces Investment Opinion: Aastrom Biosciences Speculative Buy Rating Issued In Initial Report By Dutton & Associates 11/01 2:30 pm (BW) Story 1165 (ASTM) EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Nov. 1, 2002 --J.M. Dutton & Associates initiates research coverage of Aastrom Biosciences (Nasdaq:ASTM) with a Speculative Buy rating and a 12 -month $.65 price target. The 19 -page report by JM Dutton senior analyst Sherry Grisewood, CFA is available at www.jmdutton.com, and at Zacks, First Call, Multex, Bloomberg, and other leading financial portals. Aastrom intends to leverage its commercial cell production technology to produce cell-based therapeutics for tissue repair and regeneration, and for cell-mediated immunogenic therapies associated with treating certain cancers and viral diseases. Proprietary technology underlies the Company's commercial cell production platform, the first clinical-scale human ex vivo cell production platform to meet cGMP and ISO 9001/9002 requirements for commercial-scale cell production. The AastromReplicell System and associated cell line specific single-use kits have received the CE-Mark for European Union marketing and are now being sold commercially. The Company's lead stem cell products are in late stage clinical trials for marketing approval in the US. We consider Aastrom to be a leader in this group, and consider the shares a Speculative Buy at current levels for speculative investors accustomed to the risks and timelines associated with development stage biotechnology. Sherry Grisewood has had extensive experience as a sell-side analyst, primarily in small cap stocks, and has worked for such firms as DLJ and EF Hutton. She has over 16 years' experience as an independent special situations and small cap analyst. Ms. Grisewood holds a B.S. degree with Highest Honors from Ramapo College of New Jersey and is a member of The New York Society of Security Analysts. About Dutton & Associates Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 19 analysts, primarily CFAs, have expertise in many industries including healthcare, technology, finance, banking, mining, gaming, and energy. Dutton & Associates provides economically bias-free, continuing analyst coverage of enrolled companies, and its institutional-quality research, estimates, and recommendations are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton & Associates one-year continuing research program is US $25,000 prepaid before commencement of its research activities. Dutton & Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. Please read full disclosures at www.jmdutton.com before investing. CONTACT: J.M. Dutton & Associates, LLC John M. Dutton, 916/941 -4985 or Aastrom Biosciences, Inc. Kris Maly, 734/930 -5777 14:30 EST NOVEMBER 1, 2002