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

On September 3, 2009, the Board of Directors (the "Board") of Aastrom Biosciences, Inc. (the "Company") approved an executive management transition process under which George W. Dunbar will step down from his role as Chief Executive Officer, President and Chief Financial Officer and Timothy M. Mayleben, a current director of the Company, will assume the role of Chief Executive Officer, President and Chief Financial Officer in conjunction with Aastrom's Annual Meeting of Shareholders, currently planned for December 14, 2009. Mr. Dunbar will continue serving on the Board.

Item 7.01 Regulation FD Disclosure.

On September 3, 2009, we issued a press release announcing the implementation of an executive management transition process, as set forth in Item 5.02 of this Current Report on Form 8-K. A copy of the press release is attached hereto as Exhibit 99.1.

Pursuant to General Instruction B.2 of Form 8-K, this information filed under this item number and Exhibit 99.1 are not deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall this item number and Exhibit 99.1 be incorporated by reference into our filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such future filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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