Aastrom
caliban 09 Sep 2009
Aastrom Shakes Up Management
Timothy Mayleben, a member of the board of Ann Arbor-based Aastrom Biosciences Inc. since 2005, has become the company's latest CEO.
He succeeds George Dunbar, who will become chairman of the board.
Both changes are to become effective after Aastrom's shareholder meeting, currently set for Dec. 14.
Dunbar had been president, CEO, CFO and a director. As board chairman, Dunbar will continue to advise the company on financial and strategic development initiatives.
Nelson M. Sims, who has served as chairman of the board since October 2008, is expected to assume the role of Lead Director.
Mayleben has stepped down from Aastrom's audit and compensation committees and Sims has been elected chair of the audit committee.
"These transitions position Aastrom to benefit from the expertise of some of the most experienced leaders working in life sciences today," Sims said.
Mayleben, 49, a member of the Aastrom board since June 2005, has been an advisor to life science and healthcare companies through his advisory and investment firm, ElMa Advisors since 2004. He reviously served as President, COO and a director of NightHawk Radiology Holdings Inc. Mayleben was formerly the COO and CFO of Esperion Therapeutics. He joined Esperion in 1998 and led the raising of more than $200 million in venture capital and institutional equity funding. He later negotiated the acquisition of Esperion by Pfizer in early 2004. Mayleben currently serves as a director for several private life science companies.
Dunbar, 63, joined Aastrom in July 2006 to advance the Company's TRC-based products through clinical, regulatory and market development. In May 2008, these activities were further strengthened when Mr. Dunbar focused the Company's clinical development programs on cardiovascular indications, including the U.S. Phase II IMPACT-DCM trial (dilated cardiomyopathy -- severe, chronic heart disease) and the U.S. Phase IIb RESTORE-CLI trial (critical limb ischemia). With experience over three decades that includes leadership positions at both large healthcare companies and early-stage life science companies, Dunbar will bring continuity to Aastrom's strategic direction and financing initiatives as chairman of the board.
Aastrom's proprietary Tissue Repair Cell technology involves the use of a patient's own cells to manufacture products to treat a range of chronic diseases and serious injuries. Aastrom's TRC-based products contain increased numbers of stem and early progenitor cells, produced from a small amount of bone marrow collected from the patient. The TRC technology platform has positioned Aastrom to advance multiple products into clinical development. TRC-based products have been used in over 325 patients with over 10 years of positive safety data. The Company's ongoing development activities focus on applying TRC technology to cardiac and vascular tissue regeneration. The Company is currently focused on cardiovascular regeneration through a Phase II clinical trial with dilated cardiomyopathy (DCM) patients (the IMPACT-DCM trial) and a Phase IIb clinical trial with critical limb ischemia (CLI) patients (the RESTORE-CLI trial).
The company has long been in development stage and has little revenue. In its most recently reported quarter, the third fiscal quarter ended March 31, Aastrom reported a loss of $4 million or 3 cents a share on revenue of $58,000. That compares to a loss of $5 million or 4 cents a share on revenue of $202,000 a year earlier. For the nine months the loss was $12 million on $113,000 in revenue, vs. a year-earlier loss of $15.3 million on $373,000 in revenue.
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