Hypophosphatasia

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued by

J.M. Dutton & Associates

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--April 10, 2003

J.M. Dutton & Associates continues coverage of Aastrom Biosciences (Nasdaq:ASTM) with its update report raising its rating to Strong Speculative Buy. The 6-page report by J.M. Dutton senior analyst Sherry Grisewood, CFA, is available at www.jmdutton.com, as well as from Bloomberg, First Call, Zacks, First Call, Multex, and other leading financial portals.

Aastrom is experiencing increasing commercial sales of its cell production products. Installations of the Company's AastromReplicell(TM) System for cell replication; the DC-I dendritic cell product for fusion and transfection cell-based therapeutics; the DCV-I antigen-loaded dendritic cell complex; and DCV-II, peptide- loaded dendritic cells at academic research and commercial cancer vaccine development organizations in Europe increased by 20% in the December quarter with its 15 installations of the AastromReplicell(TM) System in Europe and the U.S. On April 1, Aastrom announced the results of a study in which the Company's Tissue Repair Cells (TRCs) were used to safely generate bone in a girl with the genetic bone disease hypophosphatasia. Our rationale for the rating upgrade is underpinned by the Company's progress, the recent infusion of capital and, in our view, the misguided selling pressure in the Company's shares as a result of investor confusion and concern over the Company's listing status.

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