Aastrom Biosciences, Inc. (ASTM) Ends Drug Trial, to Cut Half Its Workforce
3/28/2013 8:35:06 AM
Aastrom Biosciences Inc said it would end the late-stage trial of its drug to treat critical limb ischemia (CLI), a form of peripheral arterial disease, and cut about half of its workforce, driving its shares to an all-time low. The stock was down 34 percent at 75 cents in morning trade on the Nasdaq. The company now plans to focus on developing the drug, ixmyelocel-T, as a treatment for a heart condition called dilated cardiomyopathy (DCM), in which the heart becomes weak and cannot pump blood efficiently. The optimal use of our resources at this time is to focus .. where clinical development may require smaller studies with lower costs and a shorter path to regulatory approval," CEO Nick Colangelo said in a statement.