PROMISSORY NOTE FROM COMPANY TO STEPHEN G. EMERSON

EXHIBIT 10.25



PROMISSORY NOTE

Ann Arbor, Michigan



$47,303 Date: 10/20/93

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1. As payment for the purchase of common stock in Aastrom Biosciences, Inc., a

Michigan corporation ("Aastrom"), the undersigned, Stephen G. Emerson

("Maker"), hereby promises to pay to the order of Aastrom, at Ann Arbor,

Michigan, or at such other place as Aastrom may direct in writing, the

principal amount of Forty Seven Thousand Three Hundred Three dollars

($47,303), together with interest on the outstanding principal balance

owing from time to time at the rate of six percent (6%) per annum.



2. Accrued interest shall be payable on each anniversary date of this Note.



3. The principal and all unpaid accrued interest owing on this Note shall

mature and be fully due and payable on the third anniversary of the date of

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this Note. Maker may prepay any or all of the principal and interest owing

on this Note at any time, without penalty or premium.



4. If any installment of interest owing on this Note is not paid within ten

(10) days after Maker receives a written notice of default, then Aastrom

may accelerate the maturity date and declare all sums of principal and

accrued interest immediately due and payable.



5. If this Note is not paid when due, Maker promises to pay all costs incurred

by Aastrom in collecting amounts due on this Note, including reasonable

attorney's fees.



6. Payments owing on this Note shall be payable in lawful money of ...