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Asterand shareholders approve US$9 mln sale of human tissue business

Reported by Proactive Investors on Tuesday, 31 July 2012 (on July 31, 2012)

Asterand

(LON:ATD

) will proceed with the disposal of its human tissue business after it received shareholder support at its general meeting and AGM.

Its human tissue business is being sold to two wholly owned subsidiaries of Stemgent Inc for US$9 million.

Asterand ext

expects the net proceeds to be around US$7.6 million, together with existing cash resources of the continuing group, to be used to pay down in full the secured debt, which amounts to US$9.039 million.

Completion of the disposal and the settlement of the secured debt is expected to occur in the next few days.

Additionally Asterand ext

will also be changing the name of the company to BioSeek on 3 August when the company's website also changes.

The BioSeek business provides cell-based human disease models for drug discovery.

Also following shareholders’ approval, the company's shares are expected to stop trading on the Official List on 28 August and will switch to trading on the main market of the London Stock Exchange on 29 August.

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