Revenue for the period to 30 April 2011 is up over 30% on the previous year, despite volatile trading conditions. Revenue was driven by significant growth in the BioSeek business; not including BioSeek, the rest of Asterand’s business was flat on 2010.
At the end of the period, Asterand had cash resources of $5.1m. The Company has re-financed the payment of consideration for the BioSeek acquisition, and anticipates making a payment of $2.5m cash to the former owners of BioSeek this month, as announced on 28 April 2011, together with our final results.
Martyn Coombs, Asterand CEO, commented:
“We are encouraged with growth in 2011 of over 30%. Going forward, by successfully serving our customers’ evolving needs for more predictive human based solutions to drive their drug discovery decision making, we are confident that the scalability of our business model will provide long term value for shareholders.”
Contacts:
Asterand plc
Martyn Coombs, Chief Executive Officer
John Stchur, Chief Financial Officer
Tel: + 44 (0) 1763 211 600 / + 1 (313) 263-0960
Buchanan Communications
Lisa Baderoon / Mark Court / Isabel Podda
Tel: +44 (0) 20 7466 5000
Daniel Stewart & Company plc
Antony Legge
Tel: +44 (0) 20 7776 6566
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 about Asterand, go to www.asterand.com.
