February 10, 2010 (FinancialWire) — Aastrom Biosciences (NASDAQ: ASTM) said that its board of directors has approved a one-for-eight reverse stock split of the company’s common stock effective on February 18, 2010.

The reverse split was authorized by shareholders at Aastrom’s annual meeting in December 2009. Following the reverse stock split, the company expects to have around 28.3 million shares of common stock outstanding.

The reverse stock split is intended to increase the per share trading price of Aastrom’s common stock to satisfy the $1 minimum bid price requirement for continued listing on NASDAQ and to attract greater institutional ownership of the company’s shares.

Michigan-based Aastrom Biosciences is developing autologous cellular therapies for use in the treatment of severe cardiovascular diseases.

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