ANN ARBOR, Mich., Feb 15, 2008 (PrimeNewswire via COMTEX News Network) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM), a leading regenerative medicine company, today announced that Gerald D. Brennan, Jr., Vice President, Administrative & Financial Operations and Chief Financial Officer, has announced his intention to retire from the Company and has requested that the Company initiate a search for his successor. Effective February 11, 2008, Mr. Brennan resigned as an officer of the Company but will remain as an employee. Mr. Brennan is expected to continue working with Aastrom through mid-2008 to ensure an orderly transition. Effective February 11, 2008, George Dunbar, Chief Executive Officer at Aastrom, assumed the role of interim Chief Financial Officer pending completion of a search for a new Chief Financial Officer.

"We thank Jerry for his many contributions to Aastrom during his tenure as CFO, representing a very important period in our company history where we advanced our clinical programs and successfully executed several financing transactions," said Mr. Dunbar.

About Aastrom Biosciences, Inc.

Aastrom is a leading regenerative medicine company engaged in the development of autologous cell products for the repair or regeneration of human tissue. The Company's proprietary Tissue Repair Cell (TRC) technology involves the use of a patient's own cells to manufacture products to treat a range of chronic diseases and serious injuries affecting vascular, bone, cardiac and neural tissues. Aastrom's TRC-based products contain increased numbers of stem and early progenitor cells, produced from a small amount of bone marrow collected from the patient. The TRC technology platform has positioned Aastrom to advance multiple products into clinical development. Currently, the Company has a vascular regeneration product in clinical development for the treatment of critical limb ischemia (called the RESTORE-CLI trial), a bone regeneration product in Phase III development for the treatment of osteonecrosis of the femoral head (called the ON-CORE trial), a cardiac regeneration product in clinical development for dilated cardiomyopathy and a preclinical research program targeting unmet needs in neural health. Aastrom product candidates to treat osteonecrosis of the femoral head and dilated cardiomyopathy have been designated for orphan drug status by the FDA. For more information, visit Aastrom's website at www.aastrom.com. (astmc)

The Aastrom Biosciences, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3663

This document contains forward-looking statements, including without limitation, statements concerning clinical trial plans and expectations, clinical activity timing, intended product development and commercialization objectives, adequacy of existing capital to support operations for a specified time, future capital needs, and potential advantages and application of Tissue Repair Cell (TRC) Technology, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as "anticipates," "estimates," "plans," "expects," "we believe," "we intend," and similar words or phrases, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Actual results may differ significantly from the expectations contained in the forward-looking statements. Among the factors that may result in differences are the inherent uncertainties associated with clinical trial and product development activities, regulatory approval requirements, competitive developments, and the availability of resources and the allocation of resources among different potential uses. These and other significant factors are discussed in greater detail in Aastrom's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Aastrom Biosciences, Inc.

Aastrom Biosciences, Inc.
         Investor Relations Department
         Kris M. Maly
         (734) 930-5777

         Cameron Associates
         Kevin McGrath
         (212) 245-4577
         
         Berry & Company (Media)
         Stephen Zoegall
         (212) 253-8881

(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.

News Provided by COMTEX