PROMISSORY NOTE

EXHIBIT 10.24



PROMISSORY NOTE



Ann Arbor, Michigan $120,000 November 18, 1993

11/96





1. As repayment for a cash loan made by Aastrom Biosciences, Inc., a Michigan Corporation ("AASTROM"), to R. Douglas Armstrong ("Maker"), 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 $120,000, together with interest on the outstanding principal balance owing from time to time at the rate of four percent (4%) 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 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 incurre ...