Slide 9 of 21

“Direct Path” Benefits: Example

Stem Cell Expansion Technology
      --New approach to Bone Marrow Transplant for Cancer Treatment
      --Other uses; e.g., immunotheraphy tissue repair

Impacts (estimated vs. best alternatives)

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Aastrom Biosciences, Inc.

• Startup funded by ATP in 1991
• ATP funding = $1.2 Million
• Company funding = $1.5 million
• Subsequent private investment for clinical trials
• and commercialization