ANN ARBOR — Aastrom Biosciences Inc. (Nasdaq: ASTM) Wednesday announced that the company’s board of directors has named Dominick C. Colangelo as president and CEO. Colangelo will also serve as a member of the Aastrom board of directors.
Colangelo joins Aastrom with more than 20 years of executive management and corporate development experience in the biopharmaceutical industry, including almost a decade with Eli Lilly and Co.READ MORE: Ford, One of Many Automakers Under Investigation Over Use of Recalled Takata Airbag Inflators
Most recently, he was president and chief executive officer of Promedior Inc., a clinical-stage biotechnology company developing protein therapeutics for the treatment of fibrovascular diseases.
During his career, Colangelo has held executive positions of increasing responsibility in product development, pharmaceutical operations, sales and marketing, and corporate development. He has extensive experience in the acquisition, development and commercialization of therapies to treat fibrovascular, metabolic, and cardiovascular diseases.
Aastrom is currently conducting pivotal studies of ixmyelocel-T in the treatment of severe cardiovascular conditions, including the Revive Phase 3 clinical trial in critical limb ischemia and the ixCell-DCM Phase 2 trial in patients with ischemic dilated cardiomyopathy.READ MORE: Ford’s Flat Rock Plant Returns To Full Production After Gas Leak
Dan Orlando, who has served as interim CEO of Aastrom since November, will continue to support these programs and the company’s commercialization of ixmyelocel-T in his position as chief commercial officer.
Colangelo noted that Aastrom “continues to advance ixmyelocel-T through late-stage clinical development for the treatment of severe cardiovascular diseases. Ixmyelocel-T, which is comprised principally of macrophage and mesenchymal stromal cells expanded from a patient’s own bone marrow, utilizes cell populations that have been shown to play a key role in reducing inflammation and promoting angiogenesis and tissue repair. This multicellular approach has tremendous therapeutic potential to treat these debilitating diseases and significantly improve the lives of patients.”
Said Robert L. Zerbe, M.D., chairman of Aastrom’s board: “Nick Colangelo brings an outstanding range of expertise in business strategy and operational experience to Aastrom at a time when this experience will be a significant advantage for our company. He has demonstrated success in building high-value pipelines and executing transactions that support corporate development initiatives. He is highly qualified to lead Aastrom during this historic period in our growth as we work to complete clinical development and plan for regulatory review and commercialization of ixmyelocel-T. I would also like to thank Dan Orlando for his outstanding contributions in continuing Aastrom’s progress during his tenure as interim CEO.”MORE NEWS: African World Festival Vendors in Detroit Told To Pack Up Over Permit Issues