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Aastrom Biosciences, Inc. Message Board

  • hwmccusker hwmccusker Mar 21, 2014 2:22 PM Flag

    Aastrom (ASTM) The wool is being pulled over investor’s eyes!

    Extrapolating and parsing from the Zacks report … too, too many ifs and ATM’s BORROWING usages have to be sold into the future, just NOT today!
    ASTM “did not report meaningful revenues in either” Q4/13 or FY13; the net loss in Q4/13 totaled $2.9 M, or $0.65 per share. Loss was driven by $3.3 M in R&D and $1.6 M in SG&A. For FY13 the net loss totaled $15.6 M, or $5.18 per share. Loss in 2013 was driven by $15.1 M in R&D and $5.9 M in SG&A.
    ASTM exited 2013 with $8.1 M in cash and investments which was based on an At-The-Market (ATM) financing facility in place with MLV, LLC dating back to 6/11. It allows for the sale of registered securities up to $20.3 M. From inception of the agreement ASTM has DRAWN DOWN $5.2 M. Subsequent to 12/31 through 3/6/14, ASTM has DRAWN DOWN another $5.4 M in gross proceeds utilizing the ATM. Cash as of the end of 2/14 stood at $10.8 M. ZACKs expects ASTM to utilize the remaining $9.7 M via the ATM in the next 1-2 Qs. If … ASTM’s the data are positive, this could give the company an opportunity to raise additional new capital at significantly higher market prices.
    My other BIG concern is … there isn’t a “resident” but, a “traveling” CEO and the loss of “key” executives with “institutional” development and R&D knowledge which diminishes prospects within the manufacturing ranks!
    The critical limb ischemia (CLI) program “diminished” after a partner ran for the hills.
    The “big elephant” in the room is still Eastern Capital – how long can or will they “hang-in”! They are being abused!
    I also have an issue with an “insular” Board of Directors – why have 3 CEOs left the company?
    Where is “definitive” news or clinical data versus an “interpretation” on Seeking Alpha? We are all aware of their recent history of their “posts”. I don’t value on “hope” – NO “Emmys” here! An opinion is based on one man’s judgment, synthesis is based on facts and conviction is based on more than – one article. Clinical data is “dated” … where is the “latest” update?
    Everyone has an “opinion” – I deal in FACTS!
    How can you access a fair value with the ATM borrowings such as they are? Wait until they “try” to access the capital markets with ATM “overhangs”!
    SELL and RUN as fast as you can!

    Sentiment: Strong Sell

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