ATD Bioseek

TIDMATD

RNS Number : 7014G

Asterand PLC

17 May 2011

 
 For Immediate Release   17 May 2011 
 

Asterand plc

INTERIM MANAGEMENT STATEMENT

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.

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 Tel: + 44 (0) 1763 211 600 /

+ 1 (313) 263-0960

John Stchur, Chief Financial Officer As above

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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