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<TITLE>Aastrom Biosciences, Inc. Form S-8</TITLE>
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<P align="right"><FONT size="2">Filed with the Securities and
Exchange Commission on January&nbsp;24, 2002<br>
Registration No.______________</FONT>

<P align="center"><FONT size="2">UNITED STATES SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT>

<P align="center"><FONT size="2">FORM S-8</FONT>

<P align="center"><FONT size="2">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT>

<P align="center"><FONT size="2"><B>Aastrom Biosciences, Inc.</B></FONT>

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<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></DIV>

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        <TD align="center" valign="top"><FONT size="2"><B>Michigan</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>94-3096597</B></FONT></TD>
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        <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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(I.R.S. employer identification no.)</FONT></TD>
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<P align="center"><FONT size="2"><B>45 Frank Lloyd Wright Drive<BR>
Ann Arbor, Michigan 48105</B></FONT>

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<DIV align="center"><FONT size="2">(Address of principal executive offices) (Zip code)</FONT></DIV>

<P align="center"><FONT size="2"><B>Aastrom Biosciences, Inc. 2001 Stock Option Plan</B></FONT>

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<DIV align="center"><FONT size="2">(Full title of the plan)</FONT></DIV>

<P align="center"><FONT size="2"><B>Michael A. Brodeur, Chief Financial Officer<BR>
Aastrom Biosciences, Inc.<BR>
45 Frank Lloyd Wright Drive<BR>
Ann Arbor, Michigan 48105</B></FONT>

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<DIV align="center"><FONT size="2">(Name and address of agent for service)</FONT></DIV>

<P><FONT size="2">Telephone number, including area code, of agent for service: (734)&nbsp;930-5535
</FONT>
<P><FONT size="2">This registration statement shall hereafter become effective in accordance with
Rule&nbsp;462 promulgated under the Securities Act of 1933, as amended.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="a78557orex5.txt">EXHIBIT 5</A></TD></TR>
<TR><TD colspan="9"><A HREF="a78557orex23-2.txt">EXHIBIT 23.2</A></TD></TR>
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<DIV align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></DIV>

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        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
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        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
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        <TD width="4%">&nbsp;</TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Proposed</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Proposed</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Amount</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">maximum</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">maximum</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1">Title of securities</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">To be</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">offering price</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">aggregate</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Amount of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1">to be
registered<SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">registered<SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">per share<SUP>3</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">offering price<SUP>3</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">registration fee</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001 Stock Option Plan</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock
($no par value)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,100,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,079,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">192.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,100,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,079,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">192.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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<P>
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<DIV><FONT size="2"><SUP>1</SUP> The securities to be registered include options and rights to acquire Common
Stock.
</FONT>
<P><FONT size="2"><SUP>2</SUP> Pursuant to Rule&nbsp;416(a), this registration statement also covers any
additional securities that may be offered or issued in connection with any
stock split, stock dividend or similar transaction.
</FONT>
<P><FONT size="2"><SUP>3</SUP> Estimated pursuant to Rule&nbsp;457 solely for purposes of calculating the
registration fee. As to the shares issuable pursuant to the 2001 Stock Option
Plan, the price is based upon the average of the high and low prices of the
Common Stock on January&nbsp;18, 2002, as reported on the National Association of
Securities Dealers Automated Quotations system.
</FONT></DIV>



<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P align="center"><FONT size="2">PART II</FONT>

<P align="center"><FONT size="2">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT>

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<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;3. Incorporation of Documents by Reference</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aastrom Biosciences, Inc. (the &#147;Company&#148;) hereby incorporates by reference
in this registration statement the following documents:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The Company&#146;s Annual Report on Form&nbsp;10-K for the year ended June&nbsp;30,
2001, as filed with the Commission on September&nbsp;14, 2001 (File Number
000-22025).
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; All other reports filed by the Company pursuant to Section&nbsp;13(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)
since the end of the fiscal year covered by the document referred to in (a)
above.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; The description of the Company&#146;s Common Stock contained in the
Company&#146;s Registration Statement on Form&nbsp;8-A, filed pursuant to Section&nbsp;12 of
the Exchange Act, including any amendment or report filed for the purpose of
updating such description.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this registration statement which indicates that
all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of
such documents.
</FONT>
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<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;4. Description of Securities</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The class of securities to be offered is registered under Section&nbsp;12 of
the Exchange Act.
</FONT>
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<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;5. Interests of Named Experts and Counsel</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
</FONT>
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<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;6. Indemnification of Directors and Officers</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;1561 through 1571 of the Michigan Business Corporation Act (the
&#147;MBCA&#148;) authorize a corporation to grant or a court to award, indemnity to
directors, officers, employees and agents in terms sufficiently broad to permit
such indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred) arising under the Securities Act of 1933.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws of the Company provide that the Company shall, to the fullest
extent authorized or permitted by the MBCA, or other applicable law, indemnify
a director or officer who was or is a party or is threatened to be made a party
to any proceeding by or in the right of the Company to procure a judgment in
its favor by reason of the fact that such person is or was a director, officer,
employee or agent of the Company, against expenses, including actual and
reasonable attorneys&#146; fees, and amounts paid in settlement incurred in
connection with the action or suit, if the indemnitee acted in good faith and
in a manner the person reasonably believed to be in, or not opposed to, the
best interests of the Company or its shareholders. This section also
authorizes the Company to advance expenses incurred by any agent of the Company
in defending any proceeding prior to the final disposition of such proceeding
upon receipt of an undertaking by or on behalf of the agent to repay such
amount unless it shall be determined ultimately that the agent is entitled to
be indemnified.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws also authorize the Company to purchase and maintain insurance
on behalf of any person who is or was a director, officer, employee or agent of
the Company against any liability asserted against or incurred by such person
in such capacity or arising out of such person&#146;s status as such, regardless of
whether the Company would have the power to indemnify such person against such
liability under the provisions of the MBCA.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into indemnification agreements with certain
individuals which contain provisions that may in some respects be broader than
the specific indemnification provisions contained under applicable law. The
indemnification agreement may require the Company, among other things, to
indemnify such directors, officers and key personnel against certain
liabilities that may arise by reason of their status or service as directors,
officers or employees of the Company, to advance the expenses incurred by such
parties as a result of any threatened claims or proceedings brought against
them as to which they could be indemnified, and to the maximum extent that
insurance coverage of such directors, officers and key employees under the
Company&#146;s directors&#146; and officers&#146; liability insurance policies is maintained.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1209 of the MBCA permits a Michigan corporation to include in its
Articles of Incorporation a provision eliminating or limiting a director&#146;s
liability to a corporation or its shareholders for monetary damages for
breaches of fiduciary duty. The enabling statute provides, however, that
liability for breaches of the duty of loyalty, acts or omissions not in good
faith or involving intentional misconduct or knowing violations of the law, or
the receipt of improper personal benefits cannot be eliminated or limited in
this manner. The Company&#146;s Restated Articles of Incorporation include a
provision which eliminates, to the fullest extent permitted by the MBCA,
director liability for monetary damages for breaches of fiduciary duty.
</FONT>
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<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;7. Exemption From Registration Claimed</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;8. Exhibits</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit&nbsp;Index.
</FONT>
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<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;9. Undertakings</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; Rule&nbsp;415 Offering
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
</FONT>

<P><FONT size="2">provided, however, that paragraphs (a)(1)(i) and (a)(l)(ii) do not apply if the
registration statement is on Form&nbsp;S-3 or Form&nbsp;S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to Section&nbsp;13 or Section
15(d) of the Exchange Act that are incorporated by reference in the
registration statement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp; To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Filing incorporating subsequent Exchange Act documents by reference</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P><FONT size="2">incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp; Request for acceleration of effective date or filing of registration statement on Form&nbsp;S-8
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
</FONT>
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<DIV align="left"><A NAME="008"></A></DIV>
<P align="center"><FONT size="2">SIGNATURE</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Ann Arbor, State of Michigan, on
January&nbsp;24, 2002.
</FONT>


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        <TD width="50%">&nbsp;</TD>
</TR>
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        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2"><FONT size="2">AASTROM BIOSCIENCES, INC.</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="1"><FONT size="2">By:</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"> /s/ R. Douglas Armstrong</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><HR size="1" noshade>
R. Douglas Armstrong<br>
Chief Executive Officer</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">POWER OF ATTORNEY</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The officers and directors of Aastrom Biosciences, Inc. whose signatures
appear below, hereby constitute and appoint R. Douglas Armstrong and Mike A.
Brodeur, and each of them, their true and lawful attorneys and agents, with
full power of substitution, each with power to act alone, to sign and execute
on behalf of the undersigned any amendment or amendments to this registration
statement on Form&nbsp;S-8, and each of the undersigned does hereby ratify and
confirm all that each of said attorney and agent, or their or his substitutes,
shall do or cause to be done by virtue hereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the
capacities indicated on January&nbsp;24, 2002.
</FONT>

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        <TD nowrap align="center"><FONT size="1">Signature</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1">Title</FONT></TD>
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<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;R. Douglas Armstrong<BR><HR size="1" noshade>
R. Douglas Armstrong</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Chief Executive Officer and Chairman of the Board<BR>
(Principal Executive Officer)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Michael A. Brodeur<BR><HR size="1" noshade>
Michael A. Brodeur</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Vice President and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Fabrizio Bonanni<BR><HR size="1" noshade>Fabrizio Bonanni
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">&nbsp;<BR><FONT size="2">Director</FONT></TD>
</TR>


<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>



<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Arthur F. Staubitz<BR><HR size="1" noshade>
Arthur F. Staubitz</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;<BR>Director</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Alan M. Wright<BR><HR size="1" noshade>
Alan M. Wright</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;<BR>Director</FONT></TD>
</TR>

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        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Mary L. Campbell<BR><HR size="1" noshade>
Mary L. Campbell</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;<BR>Director</FONT></TD>
</TR>

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        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&#047;s&#047;&nbsp;Joseph A. Taylor<BR><HR size="1" noshade>
Joseph A. Taylor</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;<BR>Director</FONT></TD>
</TR>
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<P align="center"><FONT size="2">&nbsp;
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="center"><FONT size="2">EXHIBIT INDEX</FONT>

<CENTER>
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<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Restated Certificate of Incorporation of the Company is incorporated by
reference to Exhibit&nbsp;4.1 to the Company&#146;s Registration Statement on Form
S-3 filed with the Securities and Exchange Commission effective June&nbsp;20,
2000 (File No.&nbsp;333-39698)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Bylaws of the Company are incorporated by reference to Exhibit&nbsp;4.2 to the
Company&#146;s Registration Statement on Form&nbsp;S-3 filed with the Securities and
Exchange Commission effective June&nbsp;20, 2000 (File No.&nbsp;333-39698)</FONT></TD>
</TR>

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        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion re: legality</FONT></TD>
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<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Counsel (included in Exhibit&nbsp;5)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Independent Auditors&#146; Consent</FONT></TD>
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<TR valign="bottom">
        <TD valign="top"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney (included in signature pages to this registration statement)</FONT></TD>
</TR>
</TABLE>
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Aastrom Biosciences, Inc. Form S-8
Table of Contents
Filed with the Securities and
Exchange Commission on January 24, 2002
Registration No.______________
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Aastrom Biosciences, Inc.
(Exact name of registrant as specified in its charter)
Michigan
94-3096597
(State or other jurisdiction
of incorporation or organization)
(I.R.S. employer identification no.)
45 Frank Lloyd Wright Drive
Ann Arbor, Michigan 48105
(Address of principal executive offices) (Zip code)
Aastrom Biosciences, Inc. 2001 Stock Option Plan
(Full title of the plan)
Michael A. Brodeur, Chief Financial Officer
Aastrom Biosciences, Inc.
45 Frank Lloyd Wright Drive
Ann Arbor, Michigan 48105
(Name and address of agent for service)
Telephone number, including area code, of agent for service: (734) 930-5535
This registration statement shall hereafter become effective in accordance with
Rule 462 promulgated under the Securities Act of 1933, as amended.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption From Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURE
EXHIBIT INDEX
EXHIBIT 5
EXHIBIT 23.2
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
maximum
maximum
Title of securities
To be
offering price
aggregate
Amount of
to be
registered
1
registered
2
per share
3
offering price
3
registration fee
2001 Stock Option Plan
Common Stock
($no par value)
2,100,000
$
.99
$
2,079,000
$
192.00
Total
2,100,000
$
2,079,000
$
192.00
1
The securities to be registered include options and rights to acquire Common
Stock.
2
Pursuant to Rule 416(a), this registration statement also covers any
additional securities that may be offered or issued in connection with any
stock split, stock dividend or similar transaction.
3
Estimated pursuant to Rule 457 solely for purposes of calculating the
registration fee. As to the shares issuable pursuant to the 2001 Stock Option
Plan, the price is based upon the average of the high and low prices of the
Common Stock on January 18, 2002, as reported on the National Association of
Securities Dealers Automated Quotations system.
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Aastrom Biosciences, Inc. (the "Company") hereby incorporates by reference
in this registration statement the following documents:
(a)  The Company's Annual Report on Form 10-K for the year ended June 30,
2001, as filed with the Commission on September 14, 2001 (File Number
000-22025).
(b)  All other reports filed by the Company pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
since the end of the fiscal year covered by the document referred to in (a)
above.
(c)  The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A, filed pursuant to Section 12 of
the Exchange Act, including any amendment or report filed for the purpose of
updating such description.
All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this registration statement which indicates that
all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of
such documents.
Item 4. Description of Securities
The class of securities to be offered is registered under Section 12 of
the Exchange Act.
Item 5. Interests of Named Experts and Counsel
Inapplicable.
Item 6. Indemnification of Directors and Officers
Sections 1561 through 1571 of the Michigan Business Corporation Act (the
"MBCA") authorize a corporation to grant or a court to award, indemnity to
directors, officers, employees and agents in terms sufficiently broad to permit
such indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred) arising under the Securities Act of 1933.
Table of Contents
The Bylaws of the Company provide that the Company shall, to the fullest
extent authorized or permitted by the MBCA, or other applicable law, indemnify
a director or officer who was or is a party or is threatened to be made a party
to any proceeding by or in the right of the Company to procure a judgment in
its favor by reason of the fact that such person is or was a director, officer,
employee or agent of the Company, against expenses, including actual and
reasonable attorneys' fees, and amounts paid in settlement incurred in
connection with the action or suit, if the indemnitee acted in good faith and
in a manner the person reasonably believed to be in, or not opposed to, the
best interests of the Company or its shareholders. This section also
authorizes the Company to advance expenses incurred by any agent of the Company
in defending any proceeding prior to the final disposition of such proceeding
upon receipt of an undertaking by or on behalf of the agent to repay such
amount unless it shall be determined ultimately that the agent is entitled to
be indemnified.
The Bylaws also authorize the Company to purchase and maintain insurance
on behalf of any person who is or was a director, officer, employee or agent of
the Company against any liability asserted against or incurred by such person
in such capacity or arising out of such person's status as such, regardless of
whether the Company would have the power to indemnify such person against such
liability under the provisions of the MBCA.
The Company has entered into indemnification agreements with certain
individuals which contain provisions that may in some respects be broader than
the specific indemnification provisions contained under applicable law. The
indemnification agreement may require the Company, among other things, to
indemnify such directors, officers and key personnel against certain
liabilities that may arise by reason of their status or service as directors,
officers or employees of the Company, to advance the expenses incurred by such
parties as a result of any threatened claims or proceedings brought against
them as to which they could be indemnified, and to the maximum extent that
insurance coverage of such directors, officers and key employees under the
Company's directors' and officers' liability insurance policies is maintained.
Section 1209 of the MBCA permits a Michigan corporation to include in its
Articles of Incorporation a provision eliminating or limiting a director's
liability to a corporation or its shareholders for monetary damages for
breaches of fiduciary duty. The enabling statute provides, however, that
liability for breaches of the duty of loyalty, acts or omissions not in good
faith or involving intentional misconduct or knowing violations of the law, or
the receipt of improper personal benefits cannot be eliminated or limited in
this manner. The Company's Restated Articles of Incorporation include a
provision which eliminates, to the fullest extent permitted by the MBCA,
director liability for monetary damages for breaches of fiduciary duty.
Item 7. Exemption From Registration Claimed
Inapplicable.
Table of Contents
Item 8. Exhibits
See Exhibit Index.
Item 9. Undertakings
(a)  Rule 415 Offering
The undersigned registrant hereby undertakes:
(1)  To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(l)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the registrant pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in the
registration statement.
(2)  That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3)  To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b) Filing incorporating subsequent Exchange Act documents by reference
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
Table of Contents
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(h)  Request for acceleration of effective date or filing of registration statement on Form S-8
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
SIGNATURE
Pursuant to the requirements of the Securities Act, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Ann Arbor, State of Michigan, on
January 24, 2002.
AASTROM BIOSCIENCES, INC.
By:
/s/ R. Douglas Armstrong
R. Douglas Armstrong
Chief Executive Officer
Table of Contents
POWER OF ATTORNEY
The officers and directors of Aastrom Biosciences, Inc. whose signatures
appear below, hereby constitute and appoint R. Douglas Armstrong and Mike A.
Brodeur, and each of them, their true and lawful attorneys and agents, with
full power of substitution, each with power to act alone, to sign and execute
on behalf of the undersigned any amendment or amendments to this registration
statement on Form S-8, and each of the undersigned does hereby ratify and
confirm all that each of said attorney and agent, or their or his substitutes,
shall do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the
capacities indicated on January 24, 2002.
Signature
Title
/s/ R. Douglas Armstrong
R. Douglas Armstrong
Chief Executive Officer and Chairman of the Board
(Principal Executive Officer)
/s/ Michael A. Brodeur
Michael A. Brodeur
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
/s/ Fabrizio Bonanni
Fabrizio Bonanni
Director
/s/ Arthur F. Staubitz
Arthur F. Staubitz
Director
/s/ Alan M. Wright
Alan M. Wright
Director
/s/ Mary L. Campbell
Mary L. Campbell
Director
/s/ Joseph A. Taylor
Joseph A. Taylor
Director
Table of Contents
EXHIBIT INDEX
4.1
Restated Certificate of Incorporation of the Company is incorporated by
reference to Exhibit 4.1 to the Company's Registration Statement on Form
S-3 filed with the Securities and Exchange Commission effective June 20,
2000 (File No. 333-39698)
4.2
Bylaws of the Company are incorporated by reference to Exhibit 4.2 to the
Company's Registration Statement on Form S-3 filed with the Securities and
Exchange Commission effective June 20, 2000 (File No. 333-39698)
5
Opinion re: legality
23.1
Consent of Counsel (included in Exhibit 5)
23.2
Independent Auditors' Consent
24
Power of Attorney (included in signature pages to this registration statement)