Aastrom Biosciences CEO Quits and ASTM Hits 52-Week Low

Aastrom Biosciences (ASTM) hit a new 52-week low of $1.50 before closing at $1.51 on Friday (02012.10.05). The company's CEO quit. In a nutshell: I'm pissed. When you have only tiny allotments of cash to invest, those tiny investments are critically important to the overall health of a portfolio. I purchased tiny amounts of ASTM on 02012.08.09 at $1.73 and on 02012.09.27 at $1.63. I wound have never made these buys if I knew the company's CEO was going to quit. From the company's press release.

Tim M. Mayleben has decided to retire from his position as the company's president and chief executive officer once the company has hired his successor.

I don't know why Mr. Mayleben quit Aastrom Biosciences. Is this company a sinking ship?

Mayleben quoted in the company's press release.

I believe we have earned our leadership position in regenerative medicine and that this is a good time to bring in a new CEO to take Aastrom to the next level of clinical and commercial success.

Leap of faith time... I can only hope Mr. Mayleben is good at assessing what he can and cannot do and that he knows Aastrom has a hit a stage that is best managed by somebody else.

The new CEO that Aastrom Biosciences can attract will say a lot about the future of the company.