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Saturday May 30, 2015
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Former Aastrom CEO Doug Armstrong and Vericel CFO Gerard Michel

Burned by Biotech

How an Ann Arbor company lost $308 million.

From the May, 2015 issue

On October 9, 2014, Aastrom Biosciences, a homegrown biotech company, announced that it was changing its name to Vericel and moving its corporate headquarters from Ann Arbor to Cambridge, Massachusetts. The company has pursued stem cell therapies for twenty-five years but has never won approval for any. Long-term investors have lost almost everything. The

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