December 11, 2009 (FinancialWire) — Aastrom Biosciences, Inc. (NASDAQ: ASTM), a leading developer of autologous cell products for the treatment of severe, chronic cardiovascular diseases, said that the NASDAQ Hearings Panel (Panel) has granted the company’s request to remain listed on the NASDAQ Stock Market (NASDAQ) until March 31, 2010, subject to certain conditions.

The Panel’s determination letter, dated December 8, 2009, states that Aastrom must meet the $1.00 minimum closing bid price requirement for a minimum of ten consecutive business days prior to March 31, 2010 in order to remain listed after such date. The Panel may, in its discretion, require the company to maintain a minimum closing bid price of at least $1.00 per share for a period in excess of ten consecutive business days (but generally no more than 20 consecutive business days) before determining that Aastrom has demonstrated the ability to maintain long-term compliance.

In the determination letter, the Panel also acknowledged: 1) the company’s commitment to implement a reverse stock split, assuming that is necessary to regain compliance, and 2) that with unanimous consent of the board of directors, the company has filed a definitive proxy that includes a proposal seeking shareholder approval to effect a reverse stock split. The Panel has reserved the right to reconsider its decision at any time and Aastrom must provide the Panel notice of any significant events during the exception period.

The company also announced that Institutional Shareholder Services, Inc., a wholly-owned subsidiary of RiskMetrics Group, Inc., one of the nation’s leading proxy advisory firms, has recommended that Aastrom shareholders vote “FOR” all of the proposals included in the definitive proxy at the annual meeting of Shareholders scheduled for December 14, 2009.

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