Michigan early stage venture firm Arboretum adds former Aastrom Biosciences CEO

ANN ARBOR, Michigan — Early stage health investor Arboretum Ventures has added George Dunbar, former chief executive of Michigan biotech company Aastrom Biosciences Inc., as a partner.

Dunbar, who stepped down from Aastrom last month, will help the venture firm uncover new investment opportunities and work with executives from Arboretum’s portfolio companies, according to Tim Peterson, the firm’s managing director. Publicly traded Aastrom is a stem cell firm developing treatments for cardiovascular disease. The company has several products in clinical trials.

Founded in 2002, Arboretum manages about $97 million in capital. The firm had a major exit last year when one of its portfolio companies, University of Michigan spin-off HandyLab, was acquired by Becton, Dickinson and Co. for $275 million. HandyLab‘s “Jaguar” device helps doctors identify infections. Another recent exit for Arboretum happened in October 2008, when Johnson & Johnson purchased HealthMedia Inc. (pdf), which develops web-based, wellness-coaching software.

Arboretum’s current portfolio includes St. Louis-based telemedicine-services company Advanced ICU Care, Ann Arbor-based Accuri Cytometers, which develops cell-analysis products and Chagrin Falls, Ohio-based Cervilenz, which is developing a device to help obstetricians identify women at risk for preterm birth.