On May 9, 2013, Aastrom Biosciences, Inc. received a notification letter from Nasdaq’s Listing Qualifications Department advising the company that for the past 30 consecutive business days, the bid price for the company’s common stock has closed below the minimum $1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1) (Minimum Bid Price Rule). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Notice also stated that the company would be provided 180 calendar days, or until November 5, 2013, to regain compliance with the Minimum Bid Price Rule. To do so, the bid price of the company’s common stock must close at or above $1.00 per share for a minimum of ten consecutive business days prior to that date. The Nasdaq notification has no effect at this time on the listing of the company’s common stock on the Nasdaq Capital Market. If the company does not regain compliance by November 5, 2013, the company may be eligible for an additional grace period. To qualify, the company would be required to meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period. If the Nasdaq staff determines that the company will not be able to cure the deficiency, or if the company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the company’s common stock will be subject to delisting. At that time, the company may appeal the delisting determination to a Hearings Panel. The company will continue to monitor the bid price for its common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Rule.

Aastrom Biosciences, Inc. reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss attributable to common shareholders of $6.8 million, or $0.15 per share compared $9.7 million, or $0.25 per share, for the first quarter of 2011. The change in net loss reflects the noncash changes in the fair value of warrants and the noncash accretion of the convertible preferred stock. Loss from operations which excludes the impact of the warrants, was $7.2 million or $0.16 per share compared to $8.6 million or $0.22 per share a year ago. Cash used for operations was $6.8 million during the quarter was in line with previous forecast of $6.5 million to $7.5 million and was partially offset by nearly $2.4 million in net proceeds.

Aastrom Biosciences, Inc., Q1 2013 Earnings Call, May 08, 2013