ATD Bioseek

 

TIDMATD 
 
RNS Number : 5059V 
Asterand PLC 
03 November 2010 
 

 
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                                  ASTERAND PLC 
 
 
                          INTERIM MANAGEMENT STATEMENT 
                  For the nine months ended 30 September 2010 
 
Asterand plc (LSE: ATD), a leading provider of human tissue and human 
tissue-based services to pharmaceutical and biotechnology companies engaged in 
drug discovery research today issues its Interim Management Statement. 
 
Business Performance 
 
For the three month period ending 30th September 2010, revenue grew to $5.4 
million, a 30% increase over 2009 (Q3 2009: $4.2 million), with the base tissue 
business posting 9% growth. During the nine months ending 30th September 2010, 
Asterand's revenue reached $14.1 million of which $3.8 million was related to 
BioSeek. Revenue during the equivalent period in 2009 was $14.0 million of which 
$3.7 million was related to non recurring revenue from the Baylor contract. The 
BioSeek integration is progressing well and revenues are on track to meet the 
Company's projections. 
 
Asterand continues to control expenditures. As previously announced, cost 
savings of $0.3 million per month were realised in August 2010.  At the end of 
the period, Asterand had cash resources of $ 2.9 million (30 June 2010: $3.9 
million). The reduction in cash is primarily due to increased working capital 
requirements with strong Q3 sales also resulting in increased accounts 
receivable at 30 September 2010 of $5.0 million (30 June 2010: $3.7 million). 
Asterand currently has no long term debt. 
 
In October 2010, Asterand announced that it had been awarded a 5-year, up to 
$24.3 million contract for the National Cancer Institute's (NCI) The Cancer 
Genome Atlas (TCGA) project. The base award is valued at $5.4 million over 17 
months; with provisions for renewal at the NCI's option. 
 
Additionally in September Asterand announced the appointment of Dalia Cohen 
Ph.D. as Asterand's Chief Scientific Officer.  Dr. Cohen has global 
responsibility for shaping and leading the Company's scientific positioning and 
strategy and joins from Rosetta Genomics, a leading developer of microRNA-based 
molecular diagnostics, where she also served as Chief Scientific Officer. 
 
Martyn Coombs, Chief Executive Officer of Asterand commented: 
"2010 has been a year of bedding down our acquisition of BioSeek, diversifying 
our client base beyond large pharma and building our business with the 
government. Through these efforts we've added significant diagnostic customers, 
were awarded the NCI contract and expanded BioSeek's contract with the EPA. We 
are encouraged by our revenues in Q3, particularly as we have not yet recognised 
any revenue from our new contract with the NCI. Furthermore, our contract with 
the NCI is a game changer that offers the possibility of a step change in the 
business. These efforts set a sound foundation for our future growth." 
 
Contacts: 
 
Asterand plc 
Martyn Coombs, Chief Executive Officer                              Tel: + 44 
(0) 1763 211 600 / 
       + 1 (313) 263-0960 
John Stchur, Chief Financial Officer                                       As 
above 
 
Buchanan Communications 
Lisa Baderoon / Mark Court / Isabel PoddaTel:      +44 (0) 20 7466 5000 
 
Daniel Stewart & Company plc 
Martin Lampshire 
   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 compound validation and enable pharmaceutical and biotechnology 
companies to take safer and more effective drugs into the market. 
For more information, go to www.Asterand.com. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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