Vericel Corp — Director's Dealing 2012

May 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AASTROM BIOSCIENCES INC (ASTM)
CIK: 0000887359
Period of Report: 2012-05-03

Reporting Person: Watling Sharon (VP Clinical Development)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-03	Stock Option (right to buy)	$2.49	A	117000	Acquired	2022-05-03	Common Stock (117000)	Direct

Footnotes

F1: These options vest quarterly over four years commencing on the date of grant.