Aastrom raises $40 million

Aastrom Biosciences Inc. (NASDAQ:ASTM) raised $40 million through the sale of 12,300 shares of series B convertible preferred stock at $3,250 in a private placement to Eastern Capital. Each series B preferred stock bears an 11.5% dividend and converts into 1,000 common shares after March 8, 2017. MLV was the placement agent. Aastrom was up $0.38 (21%) to $2.20 on Friday. ...