Aastrom Completes Acquisition of Sanofi's Cell Therapy and Regenerative Medicine Business
June 02 2014 - 8:45AM
Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of
patient-specific expanded cellular therapies for the treatment of
severe diseases and conditions, today announced that the company
has completed its acquisition of Sanofi's cell therapy and
regenerative medicine (CTRM) business unit. As announced on April
21, 2014, Aastrom paid $4 million in cash and $2.5 million in a
promissory note to acquire the CTRM business, which includes three
marketed products in the United States and Europe as well as
manufacturing and production centers in the U.S. and Denmark.
The three marketed autologous cell therapy products acquired by
Aastrom in this acquisition are Carticel® (autologous cultured
chondrocytes), an autologous chondrocyte implant (ACI) product
marketed in the United States for the treatment and repair of
articular cartilage defects in the knee; Epicel® (cultured
epidermal autografts), a permanent skin replacement for
full-thickness burns greater than or equal to 30% of total body
surface area, which is marketed in the United States;
and MACI® (matrix-applied characterized autologous cultured
chondrocytes), a third-generation ACI product currently marketed in
the European Union for the treatment of focal chondral defects in
the knee. Revenues for all three products were $44 million in
2013.
"This acquisition significantly expands our cell therapy product
portfolio with proven-effective commercial products and enhances
our manufacturing, sales and marketing capabilities," said Nick
Colangelo, president and chief executive officer of
Aastrom. "We look forward to building upon the record of
successful product innovation and customer service of the CTRM
business and leveraging the capabilities of the combined
organization as we develop our current pipeline, expand our cell
therapy business and explore other strategic growth
opportunities."
About Aastrom Biosciences
Aastrom Biosciences is the leader in developing patient-specific
expanded cellular therapies for use in the treatment of patients
with severe diseases and conditions. Aastrom markets three
autologous cell therapy products in the United States and European
Union for the treatment of cartilage repair and skin replacement,
and is developing ixmyelocel-T, a patient-specific multicellular
therapy for the treatment of advanced heart failure due to ischemic
dilated cardiomyopathy. For more information, please visit
Aastrom's website at www.aastrom.com.
The Aastrom Biosciences, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3663
This document contains forward-looking statements, including,
without limitation, statements concerning clinical trial plans and
progress, objectives and expectations, clinical activity timing,
intended product development, anticipated milestones, potential
advantages of our product candidates and the commercial success of
our products, all of which involve certain risks and uncertainties.
These statements are often, but are not always, made through the
use of words or phrases such as "anticipates," "intends,"
"estimates," "plans," "expects," "we believe," "we intend," and
similar words or phrases, or future or conditional verbs such as
"will," "would," "should," "potential," "could," "may," or similar
expressions. Actual results may differ significantly from the
expectations contained in the forward-looking statements. Among the
factors that may result in differences are the inherent
uncertainties associated with the clinical trial and product
development activities, regulatory approval requirements,
competitive developments, product commercialization and the
availability of 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 for the year ended December 31, 2013, filed with the
Securities and Exchange Commission ("SEC") on March 13, 2014,
Quarterly Reports on Form 10-Q and other filings with the SEC.
These forward-looking statements reflect management's current views
and Aastrom does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this release
except as required by law.
CONTACT: Media contact:
David Salisbury
Berry & Company
dsalisbury@berrypr.com
(212) 253-8881
Investor contact:
Chad Rubin
The Trout Group
crubin@troutgroup.com
(646) 378-2947
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