Ann Arbor, Michigan, October 17, 2003 -- Aastrom Biosciences, Inc. (NasdaqSC: ASTM) today announced that its President and CEO, R. Douglas Armstrong, Ph.D., will present at the Fifth Annual Rodman & Renshaw Techvest Healthcare Conference on Wednesday, October 22, 2003 at 12:00 PM (EDT). The conference will be held at the Boston Marriott Long Wharf Hotel in Boston, MA from October 21-23, 2003.

Dr. Armstrong will address an audience of analysts, fund managers and other financial professionals and present Aastrom's bone marrow stem cell technology and development programs, discuss recent bone grafting preclinical and clinical progress and review the Company's business strategy.

A live audio webcast of the presentation may be accessed by logging onto the website at http://www.wallstreetwebcasting.com/webcast/rrshq/astm/. An audio replay of the presentation will also be archived for 90 days after the conference. For more information about the Rodman & Renshaw Techvest Healthcare Conference, visit www.rodmanandrenshaw.com.

About Aastrom Biosciences, Inc.

Aastrom Biosciences, Inc. (NasdaqSC: ASTM) is a late-stage development company focused on human cell-based therapies. The AastromReplicell™ System - a patented, integrated system of instrumentation and single-use consumable kits for the production of patient-specific cells - is the Company's core technology for its Prescription Cell Products (PCP) business and its Cell Production Products (CPP) business. The principal focus of the PCP business is the repair or regeneration of tissue intended for large markets such as bone grafting, vascular systems and severe osteoporosis. The CPP business markets the AastromReplicell™ System to researchers and companies for their production of cells for clinical trials. These two businesses are intended to enable Aastrom to generate multiple paths to revenue. The initial commercial phase of the CPP business for dendritic cell production products is underway in Europe and the United States. For more information, visit Aastrom's website at www.aastrom.com.

This document contains forward-looking statements, including without limitation, statements concerning product development objectives, product results and potential advantages of the AastromReplicell™ System, which involve certain risks and uncertainties. The forward-looking statements are also identified through use of the word "intended," and other words of similar meaning. Actual results may differ significantly from the expectations contained in the forward-looking statements. Among the factors that may result in differences are actions taken by 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.

CONTACTS:

Kris M. Maly or Becky Anderson
Investor Relations Department
Aastrom Biosciences, Inc.
Phone: (734) 930-5777