Asterand close to lifeline sale

Asterand says it is confident it will find a buyer for its business having narrowed down the field of potential buyers to a small set of preferred parties. 

In a statement issued to the London Stock Exchange, Asterand said it is in advanced negotiations with these parties and may have even reached an agreement in February, though ultimately this was prevented by the complex nature of some of the discussions. The directors, however, remain confident that a transaction will be completed, albeit in a longer timescale than previously envisaged.

The biotech company that specialises in human tissue supply has been working solidly on trying to save itself as a going concern since the middle of last year.

Following the loss of its CEO in July, Asterand announced deep financial problems after poor trading figures and an inability to meet customer demand led to cash flow problems and defaulted on debts to BioSeek and Silicon Valley Bank.

The company undertook a formal sales process in October and says it is in a constructive dialogue with its creditors and continues to receive their support during this process.

 

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