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Aastrom Biosciences Appoints New Chief Financial Officer
- Appointment of Gerald D. Brennan, Jr., JD, Effective July 2, 2005 -
ANN ARBOR, Mich., June 20 /PRNewswire-FirstCall/ -- Aastrom Biosciences, Inc.
(NASDAQ:ASTM) announced today the appointment of Gerald ("Jerry") D. Brennan,
Jr., JD, as Vice President Administrative and Financial Operations and Chief
Financial Officer. Mr. Brennan will assume his position with the Company
effective July 2, 2005, following the retirement of Alan M. Wright, Aastrom's
current CFO and Senior Vice President Administrative and Financial Operations.
Mr. Brennan brings almost two decades of strong financial and operational
expertise to Aastrom, gained from his experience in senior management level
positions. He will come to the Company from Great Lakes Chemical Corporation,
where he serves as Director New Ventures, and previously served as Chief
Financial Officer of Great Lakes Fine Chemical Division and Monsanto Pharma
Tech. Prior to that time, Mr. Brennan was Chief Financial Officer and Chief
Operating Officer of Capcom Coin-Op, Inc., and he served in various management
positions at Tupperware including Vice President of Distributor Operations and
Administration for Tupperware North America, President of Tupperware Canada and
General Counsel of Tupperware Worldwide. He has also served as Tax Counsel at
Premark and as a Tax Manager at Coopers & Lybrand. Mr. Brennan holds a BSBA in
Accounting and Business Economics, from Marquette University, and a JD from the
University of Illinois. Mr. Brennan is a member of the Illinois Bar, and is a
Certified Public Accountant in the State of Illinois.
"We are pleased to welcome Jerry Brennan to Aastrom. Jerry brings a number of
new financial, administrative and legal capabilities to our management team,
along with an extensive background of applicable experience," said R. Douglas
Armstrong, Ph.D., Chairman and Chief Executive Officer. "As we continue to
progress with the clinical development of our Tissue Repair Cell products in
the United States and the EU, his broad knowledge of and familiarity with
developmental business and financial strategies, product commercialization, and
global distribution will be invaluable assets to the Company."
Alan M. Wright, who has been with the Company since 2000, is retiring from
Aastrom. Mr. Wright first served as a member of Aastrom's Board of Directors,
and was later appointed as an officer and member of the executive management
team. He will continue to serve Aastrom as a consultant to assist with the
effective transition and orientation of Mr. Brennan.
About Aastrom Biosciences, Inc.
Aastrom Biosciences, Inc. (NASDAQ:ASTM) is developing patient-specific products
for the repair or regeneration of human tissues, utilizing the Company's
proprietary adult stem cell technology. Aastrom's strategic position in the
tissue regeneration sector is enabled by its proprietary Tissue Repair Cells
(TRCs), a mix of bone marrow-derived adult stem and progenitor cells, and the
AastromReplicell(R) System, an industry-unique automated cell production
platform used to produce cells for clinical use. TRCs are the core component of
the products Aastrom is developing for severe bone fractures, ischemic vascular
disease, jaw reconstruction and spine fusion, with Phase I/II level clinical
trials active in the U.S. and EU for some of these indications.
For more information, visit Aastrom's website at http://www.aastrom.com/.
This document contains forward-looking statements, including without
limitation, statements concerning planned clinical trials, product development
objectives, potential product applications, and potential advantages of Tissue
Repair Cells (TRCs) and the AastromReplicell(R) System, which involve certain
risks and uncertainties. The forward-looking statements are also identified
through use of the word "plan," and other words of similar meaning. Actual
results may differ significantly from the expectations contained in the
forward-looking statements. Among the factors that may result in differences
are clinical trial results, potential product development difficulties, the
effects of competitive therapies, regulatory approval requirements, the
availability of financial and other resources and the allocation of resources
among different potential uses. These and other significant factors are
discussed in greater detail in Aastrom's Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission.
CONTACTS: Kris M. Maly or Cameron Associates
Becky Anderson Kevin McGrath - Institutions
Investor Relations Department Phone: (212) 245-4577
Aastrom Biosciences, Inc. Alyson Nikulicz - Media
Phone: (734) 930-5777 Phone: (212) 554-5464
DATASOURCE: Aastrom Biosciences, Inc.
CONTACT: Kris M. Maly or Becky Anderson, Investor Relations Department
of Aastrom Biosciences, Inc., +1-734-930-5777; or Kevin McGrath -
Institutions, +1-212-245-4577, or Alyson Nikulicz - Media, +1-212-554-5464,
both of Cameron Associates, for Aastrom Biosciences, Inc.
Web site: http://www.aastrom.com/