Aastrom Biosciences Inc. (ASTM, Financial) filed Quarterly Report for the period ended 2009-03-31.
Aastrom Biosciences Inc. develops autologous cell products for the repair or regeneration of multiple human tissues based on its proprietary Tissue Repair Cell technology. Aastrom's TRC-based products are a unique cell mixture containing stem and progenitor cell populations produced from a small amount of bone marrow taken from the patient. TRC-based products have been used in over two hundred fourty patients and are currently in clinical trials for bone regeneration and vascular regeneration applications. Aastrom has reported positive interim clinical trial results for TRCs suggesting both the clinical safety and the ability of TRCs to promote healing in bone regeneration applications. The Company is also developing programs for TRC-based therapies to address cardiac & neural regeneration indications. TRCs have received Orphan Drug Designation from the FDA for use in the treatment of osteonecrosis of the femoral head and the treatment of dilated cardiomyopathy a severe c Aastrom Biosciences Inc. has a market cap of $57.2 million; its shares were traded at around $0.3943 with and P/S ratio of 109.5. Aastrom Biosciences Inc. had an annual average earning growth of 7.3% over the past 5 years.
Costs and expenses include a decrease in research and development expenses to $2,785,000 for the quarter ended March 31, 2009 from $4,032,000 for the quarter ended March 31, 2008. This decrease reflects the changes we implemented in May 2008, when we reprioritized our clinical development programs to focus primarily on cardiovascular applications. The reprioritization reduced our overall research and development expenses, including salaries and benefits and other purchased services. Research and development expenses also included a non-cash charge relating to share-based compensation expense of $100,000 for the quarter ended March 31, 2009 compared to $204,000 for the quarter ended March 31, 2008.
Interest income was $57,000 and $253,000, respectively, for the quarter and nine months ended March 31, 2009 compared to $266,000 and $1,017,000, respectively, for the same periods in fiscal 2008. The fluctuations in interest income are due primarily to corresponding changes in the level of cash, cash equivalents and short-term investments during the periods.
Interest expense was $17,000 and $58,000, respectively, for the quarter and nine months ended March 31, 2009 compared to $25,000 and $61,000, respectively, for the same periods in fiscal 2008. Interest expense is related to the secured loan with Key Equipment Finance Inc.
Our net loss was $3,972,000, or $.03 per common share, for the quarter ended March 31, 2009 compared to $5,048,000, or $.04 per common share for the quarter ended March 31, 2008. For the nine months ended March 31, 2009, our net loss decreased to $11,988,000, or $.09 per common share compared to a net loss of $15,270,000, or $.12 per common share for the nine months ended March 31, 2008.
Our combined cash and cash equivalents totaled $19,076,000 at March 31, 2009, a decrease of $3,386,000 from June 30, 2008. The primary uses of cash, cash equivalents and short-term investments during the nine months ended March 31, 2009 included $10,586,000 to finance our operations and working capital requirements, and $34,000 in capital equipment additions. The primary source of cash, cash equivalents and short-term investments was from equity transactions, of which net proceeds of $7,343,000 were raised during the nine months ended March 31, 2009, principally through our agreement with Fusion Capital.
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Aastrom Biosciences Inc. develops autologous cell products for the repair or regeneration of multiple human tissues based on its proprietary Tissue Repair Cell technology. Aastrom's TRC-based products are a unique cell mixture containing stem and progenitor cell populations produced from a small amount of bone marrow taken from the patient. TRC-based products have been used in over two hundred fourty patients and are currently in clinical trials for bone regeneration and vascular regeneration applications. Aastrom has reported positive interim clinical trial results for TRCs suggesting both the clinical safety and the ability of TRCs to promote healing in bone regeneration applications. The Company is also developing programs for TRC-based therapies to address cardiac & neural regeneration indications. TRCs have received Orphan Drug Designation from the FDA for use in the treatment of osteonecrosis of the femoral head and the treatment of dilated cardiomyopathy a severe c Aastrom Biosciences Inc. has a market cap of $57.2 million; its shares were traded at around $0.3943 with and P/S ratio of 109.5. Aastrom Biosciences Inc. had an annual average earning growth of 7.3% over the past 5 years.
Highlight of Business Operations:
Total revenues, consisting of grant revenues and product sales, for the quarter and nine months ended March 31, 2009 were $58,000 and $113,000, respectively, compared to $202,000 and $373,000, respectively, for the same periods in fiscal year 2008. Product sales for the quarter and nine months ended March 31, 2009 were $58,000 and $113,000, respectively, compared to $103,000 and $139,000 for the same periods in fiscal 2008. No grant revenues were recorded for the quarter and nine months ended March 31, 2009 as there were no active grants with the National Institutes of Health. Grant revenues for the quarter and nine months ended March 31, 2008 were $99,000 and $234,000, respectively. Grant revenues may vary in any period based on timing of grant awards, grant-funded activities, level of grant funding and number of grant awards received.Costs and expenses include a decrease in research and development expenses to $2,785,000 for the quarter ended March 31, 2009 from $4,032,000 for the quarter ended March 31, 2008. This decrease reflects the changes we implemented in May 2008, when we reprioritized our clinical development programs to focus primarily on cardiovascular applications. The reprioritization reduced our overall research and development expenses, including salaries and benefits and other purchased services. Research and development expenses also included a non-cash charge relating to share-based compensation expense of $100,000 for the quarter ended March 31, 2009 compared to $204,000 for the quarter ended March 31, 2008.
Interest income was $57,000 and $253,000, respectively, for the quarter and nine months ended March 31, 2009 compared to $266,000 and $1,017,000, respectively, for the same periods in fiscal 2008. The fluctuations in interest income are due primarily to corresponding changes in the level of cash, cash equivalents and short-term investments during the periods.
Interest expense was $17,000 and $58,000, respectively, for the quarter and nine months ended March 31, 2009 compared to $25,000 and $61,000, respectively, for the same periods in fiscal 2008. Interest expense is related to the secured loan with Key Equipment Finance Inc.
Our net loss was $3,972,000, or $.03 per common share, for the quarter ended March 31, 2009 compared to $5,048,000, or $.04 per common share for the quarter ended March 31, 2008. For the nine months ended March 31, 2009, our net loss decreased to $11,988,000, or $.09 per common share compared to a net loss of $15,270,000, or $.12 per common share for the nine months ended March 31, 2008.
Our combined cash and cash equivalents totaled $19,076,000 at March 31, 2009, a decrease of $3,386,000 from June 30, 2008. The primary uses of cash, cash equivalents and short-term investments during the nine months ended March 31, 2009 included $10,586,000 to finance our operations and working capital requirements, and $34,000 in capital equipment additions. The primary source of cash, cash equivalents and short-term investments was from equity transactions, of which net proceeds of $7,343,000 were raised during the nine months ended March 31, 2009, principally through our agreement with Fusion Capital.
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