Item 1.02 Termination of a Material Definitive Agreement.

On May 27, 2009, Aastrom Biosciences, Inc. (the "Company") terminated the Common Stock Purchase Agreement it had entered into with Fusion Capital Fund II, LLC ("Fusion Capital") dated as of October 27, 2008. As previously reported in the Company's Form 10-Q filed with the SEC on May 8, 2009, the Company issued 25,742,817 shares of common stock (including 3,050,152 shares related to the commitment fee) to Fusion Capital under this Common Stock Purchase Agreement as of April 29, 2009.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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