Aastrom Biosciences Prices 13.73 Mln Shares Offering At $2.55/Shr - Quick Facts

(RTTNews) - Aastrom Biosciences, Inc. (ASTM), a developer of patient-specific expanded cellular therapies for the treatment of severe diseases and conditions, has priced a public offering of around 13.725 million shares at $2.55 per share. The underwriters were granted a 30-day option to buy up to an additional 2.06 million shares. The offering may close on or about September 16, 2014.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (LTS), is acting as sole book-running manager for the offering.

The gross proceeds to Aastrom from this offering are expected to be approximately $35 million before deducting underwriting discounts and commissions and other estimated offering expenses. The firm expects to use the net proceeds from this offering to support commercialization of its marketed products and fund the development costs associated with its Phase 2b ixCELL-DCM trial of ixmyelocel-T for the treatment of advanced heart failure due to ischemic dilated cardiomyopathy and its preclinical studies, as well as for working capital and general corporate purposes including a one-time cash payment, expected to be in the amount of 2.5 million euros or about $3.3 million, in connection with the continued development of MACI™ in the U.S.