Interim Management Statement (6711D)
May 18 2012 - 7:30AM
UK Regulatory
TIDMATD
RNS Number : 6711D
Asterand PLC
18 May 2012
18 May 2012
Asterand plc
("Asterand" or the "Group")
Interim Management Statement
Asterand plc (LSE: ATD), a leading global supplier of human
tissue and human tissue-based research services to pharmaceutical
and biotechnology companies engaged in drug discovery research,
today issues its Interim Management Statement.
Since 1 January 2012, the Board has been focused on resolving
the funding crisis that arose in the fourth quarter of last year.
As previously announced on 30 April 2012, it has not been possible
to find a single buyer for the whole Group and, instead, the Board
has focused on securing buyers for the constituent parts of the
Group. Negotiations regarding the sale of the non BioSeek Tissue
based Solutions ("Tissue") business are continuing and the Board
expects that a circular, seeking shareholder approval for the sale,
will be sent to shareholders in the next few weeks. The Board also
continues to explore a number of alternatives in respect of the
BioSeek business including the continuation of the business on a
stand alone basis or the sale of the business after the potential
disposal of the Tissue business. In an effort to reduce costs, the
Board is also considering whether or not it is appropriate for the
Group to continue as a listed company following a disposal of the
Tissue business.
Despite these distractions and volatile trading conditions,
revenue for the period ended 31 March 2012 is flat over the
previous year, although the mix has changed with Tissue revenues
improving and BioSeek revenues declining. Cash remains tight and
the Group continues to manage its cash flow carefully in order that
it may have sufficient funds to complete a transaction for the
Tissue business. The Group maintains a constructive dialogue with
its major creditors regarding the settlement of its secured loans,
in which regard Asterand remains in default, and believes that it
continues to receive the support of its lenders during this
process.
Shareholders should note that the proceeds from a successful
disposal of the Tissue business should enable the Group to repay
its secured creditors but that its cash resources will not be
sufficient to cover transaction costs and retained liabilities.
Further funding will be required after the disposal of the Tissue
business to sustain the BioSeek business on an ongoing basis or
until a sales agreement for the business can be reached.
Shareholders should be aware that the completion of any disposal
or the securing of additional funding for the Group is not
guaranteed.
Further announcements will be made in due course.
For further information contact:
Asterand plc
Jack Davis, Chairman,
Interim Chief Executive Officer
and Tel: + 44 (0) 1763 211 600 /
Company Secretary Tel: + 1 (313) 263-0960
Alan Fishman, Interim Chief Financial As above
Officer
Daniel Stewart & Company plc
Antony Legge Tel: +44 (0) 20 7776 6550
About Asterand
Asterand plc is a leading supplier of high quality human tissue
and tissue-based services. Our comprehensive approach to human
tissue and research services offers pharmaceutical, biotech and
diagnostic companies the unique opportunity to have one company
meet all of their human biomaterial needs along the continuum of
drug discovery and development. Our mission is to accelerate target
discovery and drug compound validation and enable our clients to
take safer and more effective drugs into the market.
For more information about Asterand please visit
http://www.asterand.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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