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News Breaks
March 27, 2013
08:53 EDTASTMAastrom announces restructuring, to cut staff and operating expenses by 50%
Aastrom Biosciences announced a strategic change in its research and development programs to focus on the clinical development of its lead product, ixmyelocel-T, for the treatment of dilated cardiomyopathy. Aastrom, which recently initiated the Phase 2b ixCELL-DCM clinical trial, previously received a U.S. orphan drug designation for the use of ixmyelocel-T in the treatment of DCM. As a result of the strategic change, Aastrom will stop enrollment and end the Phase 3 REVIVE clinical trial in patients with critical limb ischemia. In addition, the company is executing a corporate restructuring that will reduce staff and operating expenses by approximately 50%. The company stated: "We completed our strategic review of the CLI program, including an evaluation of the challenges in enrolling patients in the REVIVE study and a recent determination that the CLI program would not be supported by a partner in a timeframe that would impact the pace of enrollment of the study. Based on this review, we have decided that the best path to commercialization of ixmyelocel-T is to focus aggressively on the DCM program. We will begin treating patients in the Phase 2b ixCELL-DCM clinical study within the next few weeks. In our earlier Phase 2a DCM clinical trials, ixmyelocel-T was well-tolerated and efficacy observations were consistent with improved function of impaired myocardium in patients with DCM. In addition, preclinical results demonstrated that ixmyelocel-T was protective of ischemic heart tissue in a murine model of heart failure. These findings strongly support the decision to focus our resources on the development of ixmyelocel-T for the DCM orphan indication."
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November 24, 2014
17:23 EDTASTMAastrom changes name to Vericel
Aastrom Biosciences (ASTM) announced the change of its corporate name to Vericel (VCEL), effective immediately. The name change has been approved by the company's shareholders. In conjunction with this change, the company has moved its headquarters to Cambridge, Massachusetts, site of its commercial manufacturing facility. Vericel also will maintain operations and several key corporate functions in Ann Arbor, Michigan. he company's common stock will begin trading tomorrow, November 25, at market open on the NASDAQ Capital Market under its new stock ticker symbol "VCEL". The new CUSIP number for the company's common stock is 92346J108 following the name and ticker change.

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