Summary of AASTROM BIOSCIENCES INC

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On October 2, 2009, Aastrom Biosciences, Inc. ("Aastrom") received a Staff Determination letter from the NASDAQ Stock Market (NASDAQ) indicating that, since December 20, 2007, Aastrom had not regained compliance with the $1.00 minimum closing bid price requirement for continued listing set forth in Listing Rule 5550(a)(2). As a result, Aastrom's common stock would be subject to delisting from the NASDAQ Capital Market on October 13, 2009 unless Aastrom requests a hearing before the NASDAQ Hearings Panel (the "Panel") pursuant to the procedures set forth in the NASDAQ Listing Rule 5800 series.

Aastrom intends to request an oral hearing before the Panel within the timeframe provided by NASDAQ, which will stay the delisting of Aastrom's securities. All hearings shall be scheduled, to the extent practicable, within 45 days of the date that the request for hearing is filed.

The press release, dated October 7, 2009, announcing receipt of the letter, is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 3, 2009, Stephen G. Sudovar announced the he does not intend to stand for re-election to the Board of Directors of Aastrom at the 2009 Annual Meeting of Shareholders. Mr. Sudovar has been a director of the Company since 2006.