Aastrom Notches $3M

RGC International Investors LDC was the sole purchaser of a $3 million private equity placement by Aastrom Biosciences Inc. of Ann Arbor, Mich., according to documents filed with the Securities and Exchange Commission.

RGC bought 3,000 shares of newly created 1999 Series III convertible preferred stock and a warrant to purchase 150,000 shares of common stock at $2.275 per share and a warrant to purchase 150,000 shares of common stock at an exercise price of 130% of the company’s common stock on Nov. 15, 1999.

The preferred stock is convertible into common stock at the lower of $2.34 per share of a priced based on the company’s common stock market price.

The proceeds will be used to extend current operations, including the European launch of the AastromReplicell(TM) System.

Last July, RGC invested $5 million in the company through the purchase of preferred stock.

Aastrom, a development-stage company is engaged in the research and development of automated cell therapy systems, which are designed to replace human cells damaged by cancer chemotherapy.