ANN ARBOR, Mich., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM) announced today that the company will be restating its financial statements for all periods included in an amended annual report on Form 10-K/A for the fiscal period ended June 30, 2010, as well as amended Form 10-Q/As for the quarters ended September 30, 2009, December 31, 2009, March 31, 2010 and September 30, 2010 as a result of comments received from the Securities and Exchange Commission following a review of the company’s annual report on Form 10-K for the fiscal year ended June 30, 2010. The restatements will correct for a misapplication of the accounting for warrants to purchase shares of the company’s common stock that were issued in connection with prior equity offerings. These warrants will now be reclassified as liabilities, with changes in the fair value of the warrants recorded as non-cash income or expense in each reporting period.
