Aastrom's near Phase III treatment has blockbuster potential Print E-mail
By Jason Napodano, CFA - Zacks.Com   
Tuesday, 09 November 2010 10:13

We view Aastrom Biosciences (NASDAQ:ASTM)  as the premier play for the application of adult stem cells for potential cardiovascular indications.

ASTM gaining momentum ahead of Nov 18 presentation

Outperform On Aastrom Bio

While other stem cell companies such as Cytori Therapeutics (the market leader for cosmetic and reconstructive surgery) and Osiris Therapeutics (the market leader for inflammatory diseases) command higher market capitalizations, no other firm has as an advanced program for peripheral arterial disease or heart failure.

From a market capitalization standpoint, Aastrom Bio is far under-valued at only $80 million.  Yet, Aastrom’s near phase III treatment for CLI has a market leading position and has clear blockbuster potential.  We see the upcoming presentation of the full data from RESTORE-CLI at the VEITHsymposium as a major catalyst for the shares.  Aastrom has attracted significant investor attention over the past several weeks.  We think the data at the VEITHsymposium will only add fuel to the excitement fire.

Our NPV calculations peg Aastrom fairly-valued at roughly $5 per share – a market capitalization of $140 million.  Our rating is Outperform.  For additional information, please see our research report.



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