Aastrom Biosciences Appoints New Chief Financial Officer
June 20 2005 - 9:02AM
PR Newswire (US)
Aastrom Biosciences Appoints New Chief Financial Officer -
Appointment of Gerald D. Brennan, Jr., JD, Effective July 2, 2005 -
ANN ARBOR, Mich., June 20 /PRNewswire-FirstCall/ -- Aastrom
Biosciences, Inc. (NASDAQ:ASTM) announced today the appointment of
Gerald ("Jerry") D. Brennan, Jr., JD, as Vice President
Administrative and Financial Operations and Chief Financial
Officer. Mr. Brennan will assume his position with the Company
effective July 2, 2005, following the retirement of Alan M. Wright,
Aastrom's current CFO and Senior Vice President Administrative and
Financial Operations. Mr. Brennan brings almost two decades of
strong financial and operational expertise to Aastrom, gained from
his experience in senior management level positions. He will come
to the Company from Great Lakes Chemical Corporation, where he
serves as Director New Ventures, and previously served as Chief
Financial Officer of Great Lakes Fine Chemical Division and
Monsanto Pharma Tech. Prior to that time, Mr. Brennan was Chief
Financial Officer and Chief Operating Officer of Capcom Coin-Op,
Inc., and he served in various management positions at Tupperware
including Vice President of Distributor Operations and
Administration for Tupperware North America, President of
Tupperware Canada and General Counsel of Tupperware Worldwide. He
has also served as Tax Counsel at Premark and as a Tax Manager at
Coopers & Lybrand. Mr. Brennan holds a BSBA in Accounting and
Business Economics, from Marquette University, and a JD from the
University of Illinois. Mr. Brennan is a member of the Illinois
Bar, and is a Certified Public Accountant in the State of Illinois.
"We are pleased to welcome Jerry Brennan to Aastrom. Jerry brings a
number of new financial, administrative and legal capabilities to
our management team, along with an extensive background of
applicable experience," said R. Douglas Armstrong, Ph.D., Chairman
and Chief Executive Officer. "As we continue to progress with the
clinical development of our Tissue Repair Cell products in the
United States and the EU, his broad knowledge of and familiarity
with developmental business and financial strategies, product
commercialization, and global distribution will be invaluable
assets to the Company." Alan M. Wright, who has been with the
Company since 2000, is retiring from Aastrom. Mr. Wright first
served as a member of Aastrom's Board of Directors, and was later
appointed as an officer and member of the executive management
team. He will continue to serve Aastrom as a consultant to assist
with the effective transition and orientation of Mr. Brennan. About
Aastrom Biosciences, Inc. Aastrom Biosciences, Inc. (NASDAQ:ASTM)
is developing patient-specific products for the repair or
regeneration of human tissues, utilizing the Company's proprietary
adult stem cell technology. Aastrom's strategic position in the
tissue regeneration sector is enabled by its proprietary Tissue
Repair Cells (TRCs), a mix of bone marrow-derived adult stem and
progenitor cells, and the AastromReplicell(R) System, an
industry-unique automated cell production platform used to produce
cells for clinical use. TRCs are the core component of the products
Aastrom is developing for severe bone fractures, ischemic vascular
disease, jaw reconstruction and spine fusion, with Phase I/II level
clinical trials active in the U.S. and EU for some of these
indications. For more information, visit Aastrom's website at
http://www.aastrom.com/. This document contains forward-looking
statements, including without limitation, statements concerning
planned clinical trials, product development objectives, potential
product applications, and potential advantages of Tissue Repair
Cells (TRCs) and the AastromReplicell(R) System, which involve
certain risks and uncertainties. The forward-looking statements are
also identified through use of the word "plan," and other words of
similar meaning. Actual results may differ significantly from the
expectations contained in the forward-looking statements. Among the
factors that may result in differences are clinical trial results,
potential product development difficulties, the effects of
competitive therapies, regulatory approval requirements, the
availability of financial and other resources and the allocation of
resources among different potential uses. These and other
significant factors are discussed in greater detail in Aastrom's
Annual Report on Form 10-K and other filings with the Securities
and Exchange Commission. CONTACTS: Kris M. Maly or Cameron
Associates Becky Anderson Kevin McGrath - Institutions Investor
Relations Department Phone: (212) 245-4577 Aastrom Biosciences,
Inc. Alyson Nikulicz - Media Phone: (734) 930-5777 Phone: (212)
554-5464 DATASOURCE: Aastrom Biosciences, Inc. CONTACT: Kris M.
Maly or Becky Anderson, Investor Relations Department of Aastrom
Biosciences, Inc., +1-734-930-5777; or Kevin McGrath -
Institutions, +1-212-245-4577, or Alyson Nikulicz - Media,
+1-212-554-5464, both of Cameron Associates, for Aastrom
Biosciences, Inc. Web site: http://www.aastrom.com/
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