Aastrom Biosciences receives delisting notice

Aastrom Biosciences receives delisting letter from Nasdaq for not remaining in compliance

• On 3:48 pm EDT, Wednesday October 7, 2009

ANN ARBOR, Mich. (AP) -- Aastrom Biosciences Inc., which develops stem cell therapies, said Wednesday it received a notice saying it might be subject to delisting from the Nasdaq.

Aastrom Bioscience said the staff determination letter indicated the company is not in compliance with the $1 minimum closing bid price required for continued listing on the Nasdaq.

The company's stock is now subject to delisting on Tuesday, unless the company requests a hearing before a Nasdaq panel, which Aastrom said it plans to do.

At the hearing, Aastrom said it plans to request continued listing on the Nasdaq based on a plan to regain compliance with the minimum bid requirement.

The panel is permitted to grant Aastrom an additional 180 days from the Oct. 2 letter, or until March 31, to implement its plan of compliance.

Shares of the company declined 2 cents, or 4.7 percent, to 40 cents in afternoon trading.