Aastrom changes course, stock drops 38%

Aastrom Biosciences had a strategic review under way before Nick Colangelo joined the company as president and CEO in early March, but it was on his watch that Aastrom announced its decision to end the Phase III REVIVE clinical trial for its cell therapy ixmyelocel-T in critical limb ischemia (CLI) and focus on a smaller, faster Phase IIb ixCELL-DCM trial in dilated cardiomyopathy (DCM).

Along with the strategic shift, the Ann Arbor, Michigan-based company will restructure its operations and lay off 50% of its...

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