October 8, 2009 (FinancialWire) — Aastrom Biosciences, Inc. (NASDAQ: ASTM), a leading developer of autologous cell products for the treatment of chronic cardiovascular diseases, announced that it received a Staff Determination letter from the NASDAQ Stock Market (NASDAQ) on October 2, 2009 indicating that the company has not regained compliance with the $1.00 minimum closing bid price requirement.

As a result, the company’s common stock would be subject to delisting from the NASDAQ Capital Market on October 13, 2009 unless Aastrom requests a hearing before a NASDAQ Hearings Panel (the “Panel).

Aastrom intends to request an oral hearing before the Panel within the timeframe provided by NASDAQ, which will stay the delisting of the company’s securities. NASDAQ has provided guidance that to the extent practicable, it will schedule the hearing within 45 days of the date that the request for hearing is filed by Aastrom.

At the hearing, Aastrom intends to request continued listing on the NASDAQ Capital Market based upon its plan for regaining compliance with the minimum bid price requirement. The Panel has the authority, if it deems appropriate, to grant Aastrom up to an additional 180 days from the date of the Staff Determination letter of October 2, 2009, or until March 31, 2010, to implement its plan of compliance. The letter notes that the company may wish to consider presenting a plan that includes a discussion of the events that it believes will enable it to regain compliance in this time frame, along with a commitment to effect a reverse stock split, if necessary.

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