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  <TITLE> Aastrom Biosciences, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	October 17, 2007
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  	Aastrom Biosciences, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Michigan
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  	000-22025
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  	94-3096597
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
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  ______________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	24 Frank Lloyd Wright Drive, P.O. Box 376, Ann Arbor, Michigan
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  	48106
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	(734) 930-5555
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 8.01 Other Events.
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  On October 17, 2007, Aastrom Biosciences, Inc. ("Aastrom") closed its previously announced registered direct offering of 11,842,105 shares of Aastrom&#x2019;s common stock and warrants to purchase up to 5,921,053 shares of Aastrom&#x2019;s common stock to certain institutional investors at a price of $1.14 per unit, with each unit consisting of one share of Aastrom's common stock and one warrant to purchase 0.5 shares of Aastrom's common stock at an exercise price of $1.5875 per share of common stock.  The aggregate gross proceeds from the direct offering were approximately $13.5 million. The net proceeds, after deducting the placement agent&#x2019;s fee and other estimated offering expenses, were approximately $12.5 million.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Aastrom Biosciences, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	October 17, 2007
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  	By:
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  <I>
  	/s/ Gerald D. Brennan, Jr.
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  <I>
  	Name: Gerald D. Brennan, Jr.
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  	Title: Vice President, Administrative & Financial Operations and Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_23204.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9030}]
metadata_filer: {"company-data": {"conformed-name": "AASTROM BIOSCIENCES INC", "cik": "0000887359", "assigned-sic": "8731", "irs-number": "943096597", "state-of-incorporation": "MI", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22025", "film-number": "071176797"}, "business-address": {"street1": "24 FRANKL LLOYD WRIGHT DR", "street2": "PO BOX 376", "city": "ANN ARBOR", "state": "MI", "zip": "48106", "phone": "7349305555"}}
text: Aastrom Biosciences, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  October 17, 2007
  Aastrom Biosciences, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Michigan
  000-22025
  94-3096597
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  24 Frank Lloyd Wright Drive, P.O. Box 376, Ann Arbor, Michigan
  48106
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (734) 930-5555
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 8.01 Other Events.
  On October 17, 2007, Aastrom Biosciences, Inc. ("Aastrom") closed its previously announced registered direct offering of 11,842,105 shares of Aastrom's common stock and warrants to purchase up to 5,921,053 shares of Aastrom's common stock to certain institutional investors at a price of $1.14 per unit, with each unit consisting of one share of Aastrom's common stock and one warrant to purchase 0.5 shares of Aastrom's common stock at an exercise price of $1.5875 per share of common stock.  The aggregate gross proceeds from the direct offering were approximately $13.5 million. The net proceeds, after deducting the placement agent's fee and other estimated offering expenses, were approximately $12.5 million.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Aastrom Biosciences, Inc.
  October 17, 2007
  By:
  /s/ Gerald D. Brennan, Jr.
  Name: Gerald D. Brennan, Jr.
  Title: Vice President, Administrative & Financial Operations and Chief Financial Officer