TIDMATD
RNS Number : 0695F
Asterand PLC
11 June 2012
11 June 2012
Asterand Plc
("Asterand" or the "Company")
Proposed Disposal of the Human Tissue Business
The Board of Asterand is pleased to announce that the Company
has entered into a conditional agreement to dispose of the Human
Tissue Business to two wholly owned subsidiaries of Stemgent, Inc.
for an aggregate cash consideration of USD9,000,000, subject to
certain adjustments. This Disposal is conditional upon, amongst
other matters, the approval of Shareholders.
Key points
-- Disposal of the Human Tissue Business for an aggregate cash
consideration of USD9,000,000, subject to certain adjustments
(including a working capital adjustment).
-- Completion of the Disposal is conditional upon, amongst other
matters, the approval of Shareholders at a General Meeting and
constitutes a Class 1 Transaction under the Listing Rules. The
Company will therefore, in due course, send the Circular to
Shareholders convening the General Meeting at which Shareholders
will be asked to vote on a resolution to approve the Disposal.
-- The Company expects the net cash proceeds of the Disposal of
approximately USD7,600,000, together with the existing cash
resources of the Continuing Group, to be used to pay down in full
the Secured Debt which amounts to USD9,039,000.
-- The Board will unanimously recommend in the Circular that
Shareholders vote in favour of the Disposal Resolution to be
proposed at the General Meeting, as the Directors will irrevocably
commit to do in respect of their own beneficial holding amounting,
in aggregate, to 1,716,216 Ordinary Shares, representing
approximately 1.44 per cent. of the Company's issued ordinary share
capital.
-- In addition, the Company has received irrevocable
undertakings to vote in favour of the Disposal Resolution to be
proposed at the General Meeting amounting to 43,663,436 Ordinary
Shares, representing approximately 36.81 per cent. of the Company's
issued ordinary share capital.
-- The Board is also considering a proposal to cancel the
listing of the Ordinary Shares on the Official List and the
admission to trading of the Ordinary Shares on the Main Market of
the London Stock Exchange.
-- If the Disposal Resolution is not passed, the Company may be
placed immediately into administration.
For further information, please contact:
Asterand plc
Jack Davis, Chairman and Interim Tel: + 44 (0) 1763 211 600
Chief Executive Officer / + 1 (313) 263-0960
Alan Fishman, Interim Chief As above
Financial Officer
Daniel Stewart & Company Plc
Antony Legge Tel: +44 (0) 20 7776 6550
Matt Wilson
Beaumont Cornish Limited -
Sponsor
Roland Cornish Tel: +44 (0) 20 7628 3396
Emily Staples
Covington Associates LLC
Steven Mermelstein Tel: +1 (914) 420-4510
David Wood
A copy of this announcement will be available at
www.asterand.co.uk. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
Daniel Stewart & Company Plc, which is authorised and
regulated in the United Kingdom by the FSA, is acting exclusively
for the Company and no-one else in connection with the Disposal and
will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Daniel Stewart
& Company Plc nor for giving advice in relation to the Disposal
or any other matters referred to in this announcement.
Beaumont Cornish Limited, which is authorised and regulated in
the United Kingdom by the FSA, is acting exclusively for the
Company and no-one else in connection with the Disposal and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Beaumont Cornish Limited nor
for giving advice in relation to the Disposal or any other matters
referred to in this announcement.
Important notice
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore persons into whose possession this announcement
comes should inform themselves about, and observe, any applicable
restrictions or requirements. Any failure to comply with such
restrictions may constitute a violation of the securities laws of
any such jurisdiction. This announcement has been prepared for the
purposes of complying with English law and the Listing Rules and
the applicable rules and the information disclosed may not be the
same as that which would have been disclosed if this Circular had
been prepared in accordance with the laws and regulations of any
jurisdiction outside of England and Wales. The statements contained
in this announcement are made as at the date of this announcement,
unless some other time is specified in relation to them, and
publication of this announcement shall not give rise to any
implication that there has been no change in the facts set forth
herein since such date. Nothing contained in this announcement
shall be deemed to be a forecast, projection or estimate of the
future financial performance of the Company, the Group, the
Continuing Group or the Human Tissue Business except where
otherwise stated.
Forward looking statements
This announcement contains certain "forward-looking statements"
with respect to the financial condition, results of operations and
business of the Company, the Group and the Continuing Group and
certain plans and objectives of the members of the Group. In some
cases, these forward-looking statements can be identified by the
fact that they do not relate to historical or current facts and by
the use of forward-looking terminology, including the terms
"anticipates", "believes", "estimates", "expects", "intends",
"plans", "prepares", "goal", "target", "will", "may", "should",
"could" or "would" or, in each case, their negative or other
variations or comparable terminology. These statements are based on
assumptions and assessments made by the Directors in light of their
experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe appropriate. Investors should specifically consider the
factors identified in this announcement that could cause actual
results to differ before making an investment decision. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company, the Group or
the Continuing Group, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. They are
also based on numerous assumptions regarding the Company's, the
Group's and/or the Continuing Group's present and future business
strategies and the environment in which it is believed that the
Continuing Group will operate in the future. These forward-looking
statements speak only as at the date of this announcement. Except
as required by the FSA, the Listing Rules, the Disclosure and
Transparency Rules, the London Stock Exchange or applicable law,
the Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained in this announcement to reflect any change in
the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. Should one or more of these risks or uncertainties
materialise, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in this
announcement.
1. Introduction
The Board of Asterand announces that conditional upon, amongst
other matters, the approval of Shareholders, the Company has
entered into an agreement to dispose of the Human Tissue Business
to the Buyers for an aggregate cash consideration of USD9,000,000,
subject to certain adjustments (including a working capital
adjustment). Following this adjustment and after paying associated
transaction costs, Asterand expects to receive net cash proceeds of
approximately USD7,600,000 which the Continuing Group intends to
use, together with the existing cash resources of the Continuing
Group, to repay the Secured Debt of USD9,039,000, in respect of
which the Company received notices of default on 4 October 2011 and
17 October 2011 on the BioSeek Loan Notes and the SVB Debt
respectively. The Disposal constitutes a Class 1 Transaction under
the Listing Rules and therefore requires Shareholder approval. The
Company will, in due course, send the Circular to Shareholders
convening the General Meeting at which Shareholders will be asked
to vote, amongst other matters, on a resolution to approve the
Disposal.
The Board is also considering a proposal to cancel the listing
of the Ordinary Shares on the Official List and the admission to
trading of the Ordinary Shares on the Main Market of the London
Stock Exchange. If this proposal is to be made, further details
will be contained in the Circular.
Shareholders should note that if the Disposal Resolution is not
passed then the Company may be placed immediately into
administration.
2. Background to and reasons for the Disposal
In December 2010, the Company announced that it had secured a
USD3,000,000 term loan and revolving credit line from Silicon
Valley Bank which could be used to satisfy the Deferred
Consideration due on the BioSeek Acquisition. Subsequently, in
April 2011, the Company, having agreed with the BioSeek
Shareholders that the Deferred Consideration was to be satisfied
solely with cash, announced that, as a consequence of poor trading
conditions in March 2011 resulting in an inability to draw down on
the revolving credit line, it had entered into new financing
arrangements as a replacement for such revolving credit line and in
order to satisfy the Deferred Consideration, leaving only the term
loan in place. Under these new financing terms USD2,500,000 was
paid to the BioSeek Shareholders in May 2011 and the remaining
USD6,000,000 was satisfied by the issuance of the BioSeek Loan
Notes.
The Company continued to experience challenging and volatile
trading conditions and in its interim results announcement on 31
August 2011, it announced a reduced outlook for the year as a whole
and the need to raise additional working capital.
On 24 October 2011 the Company announced that it had received
notices of default from SVB and from the BioSeek Loan Note Holders.
It was announced that the loans repayable to SVB were payable on
demand and that, in respect of the BioSeek Loan Notes, the Company
had 120 days to remedy the situation. Accordingly, the Company
commenced a formal sale process for the entire issued and to be
issued share capital of the Company.
It was announced on 7 November 2011 that the Company had
received further notice from the BioSeek Loan Note Holders to the
effect that the conditions for the Company to avail itself of the
120 day cure period had not been met and as such the BioSeek Loan
Notes were also payable on demand.
After several months of talks with potential buyers, neither the
Company nor its advisers were able to secure an offer for the
Group. Instead, letters of interest were received from two separate
buyers for the assets of each of its two businesses: the BioSeek
Business and the Human Tissue Business. As announced on 30 April
2012, the Company entered into negotiations with such potential
buyers and ended the formal sale process for the entire issued and
to be issued share capital of the Company.
On 2 May 2012, the Company announced that the potential bidder
of the BioSeek Business had informed the Company that it no longer
wished to pursue the acquisition and had released the Company from
an agreed exclusivity provision.
On 10 June 2012, the Company entered into the Disposal
Agreement, pursuant to which the Selling Group will, subject to the
terms and conditions of the Disposal Agreement, dispose of the
Human Tissue Business. The net cash proceeds of the Disposal in
conjunction with the existing cash resources of the Continuing
Group will, if the Disposal is approved by Shareholders, satisfy in
full the Company's repayment obligations to the Secured
Lenders.
The receipt of the notices of default on the Secured Debt
necessitated action by the Board to avoid the immediate potential
loss of all Shareholder value. The Board considered alternatives to
the Disposal, including an equity fundraising, but encountered
limited opportunities in light of, inter alia, the Company's lack
of recent historic profitability, the capital requirement for
inventory and the reluctance of finance providers to invest equity
to repay debt. The Board believes that the prospects for the
Continuing Group after the Disposal and repayment of the Secured
Debt are much greater than with any other option currently
available.
The Board's ability to negotiate with potential purchasers of
either the Group, the BioSeek Business or the Human Tissue Business
or with potential funders was hampered by the Group's decreasing
cash position and the need to reach an agreement before its
financial resources were exhausted. Despite this the Board was able
to negotiate a competitive price for the Human Tissue Business. The
Board believes that the aggregate purchase price of USD9,000,000 is
a positive result as, though the long-term prospects of the Human
Tissue Business are good, the business has been loss-making in
recent years and requires significant capital for its human tissue
inventory. Since commencing the formal sale process in October
2011, the Board has evaluated a number of proposals for the sale of
the Human Tissue Business. In deciding to proceed with the Disposal
to the Buyers the Board has taken into account a number of factors,
including price, and in view of the level of working capital
shortfall facing the Company, the Board has placed significant
weight on the level of certainty that could be attributed to the
offer being consummated within an acceptable timescale.
Whilst the net cash proceeds of the Disposal, together with the
existing cash resources of the Group, will enable the Group to
settle in full the Secured Debt, the Continuing Group continues to
experience financing problems and the Board continues to explore a
number of alternatives for BioSeek or the BioSeek Business
including, inter alia, its disposal, or the securing of additional
funding from Shareholders and/or third parties.
3. Principal terms of the Disposal
The Company, Asterand UK and Asterand US entered into the
Disposal Agreement on 10 June 2012 with Stemgent, the UK Buyer and
the US Buyer. The Human Tissue Business will be sold to the Buyers
for an aggregate cash consideration of USD9,000,000 subject to
certain adjustments (including a working capital adjustment). The
Disposal will be effected by way of a sale of the assets of the
Human Tissue Business by the Sellers (both being wholly owned
subsidiaries of the Company).
Completion of the Disposal Agreement is subject to certain
conditions being satisfied including, amongst other matters, the
Company obtaining the consent of Shareholders to the Disposal at
the General Meeting and all necessary third party and governmental
consents having been obtained.
The Disposal Agreement contains warranties from the Selling
Group in favour of the Buyers of the kind customarily given in
connection with asset purchase agreements. The total liability of
the Selling Group for claims under the warranties shall not exceed
8 per cent. of the consideration paid by the Buyers.
BioSeek is to guarantee all of the Selling Group's
indemnification obligations to the Buying Group pursuant to the
terms of the Disposal Agreement. As additional security for such
obligations, BioSeek will grant in favour of the Buying Group a
security interest in all of the assets of BioSeek and by a pledge
of all of the outstanding membership interest of BioSeek.
Further information regarding the terms of the Disposal will be
provided in the Circular to be sent to Shareholders in due
course.
4. Use of proceeds and financial effects of the Disposal
At Completion, the net cash proceeds arising from the Disposal
are expected to be approximately USD7,600,000 after outstanding
transaction costs of approximately USD1,400,000 are paid. Together
with the existing cash reserves, the net cash proceeds of the
Disposal will be applied by the Continuing Group to repay the
Secured Debt (being the repayment in full of the SVB Debt of
USD2,050,000 and the repayment in full of the BioSeek Loan Notes of
USD6,989,000) with any remainder being utilised towards the
repayment of the Human Tissues Business' trade payables excluded
from the Disposal.
The net cash proceeds from the Disposal will therefore
strengthen the Continuing Group's financial position in that it
will be in a position to repay the Secured Lenders in full, which
the Directors believe will effectively buy the Company time to
either find a buyer or raise funds for the BioSeek Business. The
Disposal is expected to be immediately earnings accretive.
5. Working capital
The Group does not have sufficient working capital for its
present requirements, being the next 12 months from the date of the
Circular.
As previously announced, the Group is in default in respect of
the Secured Debt of USD9,039,000 and requires further funding for
working capital purposes.
In addition to a continued focus on cost control, the Group
plans to partially mitigate the shortfall in funding with net cash
proceeds of the Disposal as outlined in paragraphs 3 and 4 above
and in further detail in the Circular. If Completion occurs, the
net cash proceeds from the Disposal together with the existing cash
resources of the Group will be applied by the Continuing Group to
pay off the Secured Debt in full with any remainder being utilised
towards the repayment of the trade payables relating to the Human
Tissue Business which have been excluded from the Disposal. The
Directors currently estimate that this will leave a funding
requirement of at least USD3,000,000 in order for the Continuing
Group to have sufficient working capital for its present
requirements, being the next 12 months from the date of the
Circular. Provided certain creditors amounting to some USD1,400,000
can be deferred, the Board believes that it has sufficient
financial resources to enable the Continuing Group to operate for a
short period following Completion during which time it will be
seeking further funding. If no further funds can be raised or
BioSeek/the BioSeek Business cannot be sold within this period, it
may then be necessary to place the Continuing Group into
administration.
Further information on the financial effects of the Disposal and
the ongoing working capital position of the Continuing Group will
be provided in the Circular.
6. Information relating to the Human Tissue Business
The Human Tissue Business provides solutions that are directed
at reducing the high failure rate of compounds in clinical trials.
Pharmaceutical researchers have long known that animal models do
not provide a complete guide to drug response in humans, and so the
incorporation of human tissue based models at all stages of the
discovery process is gaining acceptance as scientists seek methods
to improve decision making during the development of medicines.
The Human Tissue Business currently offers two primary products
and services:
1. XpressBANK(TM); and
2. PhaseZERO(TM).
The XpressBANK(TM) biobank contains several thousand specimens
from a broad range of therapeutics areas, offering rapid delivery
of specimens that best meet the research requirements of its
clients. Each specimen is accompanied by thorough disease
characterisation and detailed clinical information, making the
samples especially well suited for drug discovery research. In
addition to the bio repository, the business unit offers: custom
isolations of specific call lines and primary cells; custom
designed tissue microarrays; and, bio fluids, including blood,
serum and plasma.
The PhaseZERO(TM) platform offer human tissue-based drug
discovery research services on a fee-for-service basis. The
services platform leverages the Human Tissue Business' experience
and proven track record in human tissue-based research.
PhaseZERO(TM) includes:
1. XpressWay(R) - human gene expression in non-diseased and diseased tissue;
2. XpressArray(TM) - human protein expression profiling;
3. Human tissue-based and primary cell assays for metabolism and toxicity analysis; and
4. 'Good Laboratory Practice' compliant preclinical safety study
services to pharmaceutical and biotech clients.
A summary of the unaudited trading results for the Human Tissue
Business for the three years ended 31 December 2011 (on an IFRS
basis) is set out below.
For and as For and as For and as
at at at
31 December 31 December 31 December
USD'000 2011 2010 2009
Revenue 15,463 15,025 18,706
Operating loss (5,082) (2,812) (1,553)
Loss before tax (5,106) (2,753) (1,927)
Loss for the financial
year attributable to owners
of the parent (5,801) (2,785) (1,631)
A summary of the unaudited gross and net assets of the Human
Tissue Business as at 31 December 2011 (on an IFRS basis) is set
out below:
For and as
at
31 December
USD'000 2011
Gross assets 14,333
Net assets 10,383
7. Information relating to the Continuing Group
After Completion, the Continuing Group will consist of the
BioSeek Business only. BioSeek aims to improve the success rate of
pharmaceutical research and development by integrating human
biology from the earliest stages of drug discovery onward.
BioSeek's BioMAP(R) System is an innovative, cell based disease
model used to generate a unique profile of human biological
response for specific drug candidates. The platform helps to reduce
risk at the earliest stages of research and at multiple decision
points within the research and development process. Most human cell
lines used in preclinical testing are unable to provide truly
predictive information since they lack the natural regulatory
activity inherent in humans. By using primary cells directly
isolated from the human body, the BioMAP(R) System replicates the
cellular interactions present in specific human diseases. With this
advantage BioSeek is able to leverage its BioMAP(R) Systems
technology in collaborations to enhance the productivity of its
pharmaceutical partners' pipelines to identify promising compounds
for therapeutic development.
8. Information relating to Stemgent
Stemgent is engaged in working alongside some of the world's
leading stem cell scientists in developing innovative technology
and application solutions for the advancement of stem cell
research. The company's goal is to help simplify and support
cellular reprogramming by producing products designed by leading
stem cell researchers worldwide. The company has scientific
development sites located in both Cambridge, Massachusetts and San
Diego, California.
Further information on Stemgent is provided at
www.stemgent.com.
9. Details of key individuals for the Human Tissue Business
Dr. Victoria Blanc, Vice President Strategic Planning and
Government Affairs - joined Asterand in 2002 as Scientific Liaison
and was appointed General Manager of Asterand, Inc. in 2007. Since
2010, Dr. Blanc has been responsible for planning and managing
strategic initiatives in the Human Tissue Business and the
management of contracts with the US government.
Dr. Tony Brown, General Manager US Operations - joined Asterand
in 1998 as Head of Pharmacology and was appointed General Manager
of Asterand UK Limited in 2006. Since 2010, Dr. Brown has been
responsible for overseeing the laboratory operations in Detroit and
tissue donor site development and operations.
Dr. Thomas Mander, Vice President Sales and Marketing - joined
Asterand in 2007. Since 2011, Dr. Mander has been responsible for
managing the Human Tissue Business' sales and marketing operations
and for developing the international sales strategy and client
relationships.
Dr. Amanda J. Woodrooffe, General Manager UK Operations - joined
Asterand in 2001 as Head of Biochemical Pharmacology and was
appointed Director of Scientific Development in 2006. Since 2012,
Dr. Woodrooffe has been responsible for managing the UK sevices
operation in Royston, overseeing all staff in the UK and customer
services projects.
None or the above mentioned individuals have or have had any
material involvement in the BioSeek Business.
It is intended that the above mentioned individuals will not
have a role in the Continuing Group after the Completion Date.
10. Importance of the Vote
Further information regarding the use of proceeds and financial
effects of the Disposal, working capital and the importance of the
vote will be provided in the Circular to be sent to Shareholders in
due course. The Board will unanimously recommend in the Circular
that Shareholders vote in favour of the Disposal Resolution to be
proposed at the General Meeting, as the Directors will irrevocably
commit to do in respect of their own beneficial holdings amounting,
in aggregate, to 1,716,216 Ordinary Shares, representing
approximately 1.44 per cent. of the Company's issued ordinary share
capital.
In addition, the Company has received irrevocable undertakings
to vote in favour of the Disposal Resolution to be proposed at the
General Meeting amounting to 43,663,436 Ordinary Shares,
representing approximately 36.81 per cent. of the Company's issued
ordinary share capital.
Shareholders should read the whole of the Circular to be sent to
them and not just rely on the summarised information or summarised
financial information set out in this announcement.
11. Proposed adjournment of the annual general meeting
Notice has been given that the next annual general meeting of
the Company is to be held on 26 June 2012 at 10 a.m. at 2 Orchard
Road, Royston, Hertfordshire SG8 5HD. Given the proximity of this
date to the General Meeting and the resource constraints currently
facing the Group, the Board intends that an adjournment of the
annual general meeting be proposed so that the annual general
meeting is postponed to the same date (and immediately prior to)
the General Meeting.
12. Definitions
The following definitions apply throughout this announcement
unless the context requires otherwise.
$ or USD US dollars
Asterand UK Asterand UK Limited, a private limited
company, incorporated and registered
in England (registered number 3113041)
Asterand US Asterand, Inc., a Delaware corporation
(organisational number 3223748)
BioSeek BioSeek, LLC, a California limited
liability company (organisational
number 200931710007)
BioSeek Acquisition the acquisition of the BioSeek Business
by the Company and certain of its
affiliates pursuant to an agreement
and plan of merger dated 17 November
2009
BioSeek Business the business of applying predictive
human biology to drug discovery utilising
the products and services of BioMAP(R)
BioSeek Loan Notes the subordinated secured promissory
notes issued by the Company to the
BioSeek Loan Note Holders dated 22
July 2011 amounting to USD6,989,000
BioSeek Loan Note Holders the holders of the BioSeek Loan Notes
BioSeek Shareholders the shareholders of BioSeek as at
the completion of the BioSeek Acquisition
Board the board of Directors of the Company
from time to time
Buyers the UK Buyer and the US Buyer
Buying Group Stemgent and the Buyers
Circular the circular to be posted to Shareholders,
in due course, in connection with
the Disposal
Company or Asterand Asterand plc, a public limited company,
incorporated and registered in England
(registered number 3355618)
Completion the completion of the Disposal in
accordance with the terms of the Disposal
Agreement
Completion Date the date of Completion
Continuing Group the Group following the Disposal
Deferred Consideration the contingent payment of USD8,523,980
required to have been made by the
Company to the BioSeek Shareholders
pursuant to the BioSeek Acquisition
Directors the existing Directors of the Company
Disclosure and Transparency the disclosure rules and transparency
Rules rules made by the FSA pursuant to
Part VI of the Financial Services
and Markets Act 2000, as revised from
time to time
Disposal the proposed disposal of the assets
of the Human Tissue Business pursuant
to the Disposal Agreement
Disposal Agreement means the conditional asset purchase
agreement dated 10 June 2012 and made
between the Selling Group and the
Buying Group
Disposal Resolution the resolution to approve the Disposal
FSA the UK Financial Services Authority
General Meeting the general meeting of Asterand convened
for the purpose of considering, inter
alia, the Disposal Resolution, notice
of which will be set out at the end
of the Circular
Group the Company and each of its subsidiary
undertakings (within the meaning of
the Act) at the date of this announcement
Human Tissue Business the Human Tissue Products Business
Unit and the Human Tissue Services
Business Unit
Human Tissue Products the human tissue products business
Business Unit unit of the Sellers, including, without
limitation, the products XpressBANK(TM)
and ProCURE(TM)
Human Tissue Services the human tissue services business
Business Unit unit of the Sellers, including, without
limitation, the services offered under
the service mark PhaseZERO(TM)
Listing Rules the listing rules of the UKLA under
section 74 of the Financial Services
and Markets Act 2000
London Stock Exchange London Stock Exchange Plc
Main Market the London Stock Exchange's market
for listed securities
Official List the list maintained by the Financial
Services Authority in accordance with
section 74(1) of the Financial Services
and Markets Act 2000
Ordinary Shares ordinary shares of 5 pence each in
the capital of the Company
Secured Debt the sum, in aggregate, owed to SVB
and the BioSeek Loan Note Holders,
amounting to USD9,039,000, in respect
of which notices of default were received
by the Company in October 2011
Secured Lenders SVB and the BioSeek Loan Note Holders
Sellers Asterand UK and Asterand US
Selling Group the Company and the Sellers
Shareholders holders of Ordinary Shares
Silicon Valley Bank Silicon Valley Bank, a California
or SVB corporation, being a member of the
SVB Financial Group
Stemgent Stemgent, Inc., a Delaware corporation
(organisational number 4438247)
SVB Debt all debts owed to SVB amounting to
USD2,050,000
UK or United Kingdom the United Kingdom of Great Britain
and Northern Ireland
UK Buyer Asterand UK Acquisition Limited, a
private limited company, incorporated
and registered in England (registered
number 8092729) and a wholly owned
subsidiary of Stemgent
US or United States the United States of America
US Buyer Asterand US Acquisition Corporation,
a Delaware corporation (organisational
number 5163312) and a wholly owned
subsidiary of Stemgent
This information is provided by RNS
The company news service from the London Stock Exchange
END
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