Company

Bank

Analyst

Coverage

Opinion

Wk chg

3/28 cls

Aastrom Biosciences Inc. (NASDAQ:ASTM)

Roth Capital Partners

Joseph Pantginis

Downgrade

Sell (from neutral)

-40%

$0.70

Pantginis also lowered his target to $0.25 from $1.65 after Aastrom announced it will no longer develop its ixmyelocel-T to treat critical limb ischemia (CLI) and will instead focus R&D on developing the product for dilated cardiomyopathy (DCM) (see B23). Aastrom, which terminated the Phase III REVIVE trial of ixmyelocel-T for CLI due in part to slow enrollment, said DCM and other rare diseases may require smaller studies for ixmyelocel-T, with a lower cost and shorter path to approval. The company will reduce headcount by 35 (50%) to about 36 and expects to reduce operating expenses by about 50%. Ixmyelocel-T is an autologous cell therapy containing adult stem and progenitor cells that is made using Aastrom's Tissue Repair Cell technology.

Array BioPharma Inc. (NASDAQ:ARRY)

Piper Jaffray

Edward Tenthoff

Upgrade

Overweight (from neutral)

14%

$4.91