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Financings in Brief: Aastrom Biosciences

This article was originally published in The Gray Sheet

Executive Summary

Aastrom Biosciences: Secondary offering of 2.2 mil. shares of 5-1/2% convertible preferred stock at $5 per share to selected institutional investors on Dec. 2 nets approximately $10 mil. The firm had originally planned an offering of 1.5 mil. common stock shares ("The Gray Sheet" Oct. 20, p. 18). Net proceeds will help fund clinical trials of Aastrom's cell production system, designed for use in large scale ex vivo production of a variety of therapeutic cells ("The Gray Sheet" May 26, I&W-11), as well as R&D of other product candidates, and provide working capital. Cowen & Company was the placement agent for the offering...
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