ANN ARBOR, Michigan — Aastrom Biosciences Inc. has completed a 1-for-8 reverse stock split that has so far achieved its desired effect–pushing the company’s share price above $1 so it can remain listed on the Nasdaq stock exchange.
The stem cell company announced the reverse split earlier this month, sending its shares down below 20 cents. However, its shares subsequently rose and were trading around $1.66 early Thursday afternoon, up about 9 percent on the day.
In December, Nasdaq granted Aastrom an extension until March 31 from being delisted. Aastrom’s stock price must close above $1 for at least 10 consecutive business days before that date to avoid delisting, the company said at the time. The company’s shareholders authorized plans for a reverse split that month.
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The reverse split was also intended to draw greater interest in the company from institutional investors, Aastrom said.
Aastrom is developing products that use a patient’s own stem cells to treat a variety of conditions, including arterial disease and chronic heart failure. The company went public in 1997. Last month, the company raised $12.4 million in a public stock offering.
Aastrom said earlier this month that it’s in the midst of “late-stage” clinical trials of its cardiac and vascular-repair technologies.
