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(ATD.L) Asterand PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-11-09 | AFX UK Focus |
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LONDON, Nov 18 (Reuters) - Asterand Plc:
million in same period last year million will be payable in 2011 ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 18-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6690C
Asterand PLC
18 November 2009
For Immediate Release 18 November 2009
ASTERAND PLC
('Asterand' or 'the Company')
Asterand Issues Interim Management Statement and
Announces Agreement to Acquire BioSeek
Next step in consolidating Asterand's leadership position
in the global human tissue market
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 for the nine-month period ending 30 September 2009. The Company also announces it has signed an agreement to acquire BioSeek Inc. (BioSeek), a pioneer in the application of predictive human biology to drug discovery through its unique human primary cell based disease models, subject to Asterand shareholders' approval. A circular will be sent to shareholders once it has been approved by the UK Listing Authority and a further announcement will be made in regard to this in due course.
Financial Results for the 9 months to 30 September 2009
During the nine months to 30th September 2009, Asterand achieved revenue of £9.1 million. The corresponding revenue for 2008 (excluding the licensing payments from Allergan) was £8.0 million. Revenues for the same period last year also contained £1.1 million relating to a one year contract that ended in December 2008. The Company continues to control its expenditures while maintaining strong cash resources of £5.2 million as at 30 September 2009 (30 June 2009: £5.8 million). During the time period, Asterand made additional strategic investments in areas in which it will involve cost in Q3 and Q4 2009 and realise benefits in future years. These include investments in:
* Expanding the Group's global supply network - it now has 86 supplier collaborations
* Defending in the US courts, the Group's freedom to operate with collaborators in Southeast Asia
* Preparation for anticipated acquisitions
Martyn Coombs, Chief Executive Officer of Asterand commented:
"These results, when many CROs are reporting retraction, are encouraging. However, we are seeing some changes in the buying behaviour of some of our largest customers - whilst demand for human tissue is increasing, some customers appear to be delaying larger purchases, or breaking larger purchases into smaller units bought over time. This may restrain Asterand's growth over the coming quarter."
BioSeek Acquisition
Asterand has previously stated its strategy of consolidating its leadership position in the global human tissue and human tissue based services market, both organically and through strategically placed acquisitions. The proposed acquisition of BioSeek will be Asterand's first step in this "buy and build" strategy. The Board believes that BioSeek is highly complementary to Asterand's business in terms of both products and services offered.
The initial consideration will be US $1.0 million payable by the issuance of Asterand shares. A further payment of up to US $13 million will be payable in 2011 depending on the level of sales growth achieved by BioSeek in the twelve months ended 31 December 2010. If any such further payment is made, the first $3.0 million of such payment will be paid in Asterand shares, and any additional payment will be paid in either cash or shares, at Asterand's discretion.
BioSeek is a privately held drug discovery services company that has developed unique, proprietary human primary cell based, high throughput assay systems (BioMAP®) designed to replicate the intricate cell and pathway interactions present in inflammatory, autoimmune and cardiovascular diseases. The system predicts clinical activities of a potential drug candidate through comparison of assay results to a proprietary database of data profiles for known compounds. The BioMAP® platform provides pharmaceutical companies with actionable data to guide their lead selection and optimization programmes.
BioSeek is located in South San Francisco, California and has 14 employees. The company was founded in 2000 by Dr. Eugene Butcher, Professor of Pathology, Stanford University, and Dr. Ellen Berg, who is currently BioSeek's Chief Scientific Officer and a former Senior Scientist at Protein Design Lab and a Post-Doctoral Fellow at Stanford. In addition to service revenue, BioSeek's growth has been financed by lead venture investors Bay City Capital and Fremont Ventures and a research collaboration and strategic investment by Amylin Pharmaceuticals, Inc. In addition to Amylin, BioSeek has had collaborations with numerous pharmaceutical and biotechnology companies including Merck-Serono, UCB, and Dainippon Sumitomo. BioSeek is also a Phase I & II funded contractor with the United States Environmental Protection Agency's ToxCast® Program.
Asterand intends to maintain the South San Francisco site and staff. BioSeek's key managers, including Dr. Ellen Berg, BioSeek's Chief Scientific Officer, and Dr. Ivan Plavec, Vice President of Business Development, will be joining Asterand's senior management team. In addition, BioSeek's CEO Dr. Mike Venuti has agreed to act as a consultant to Asterand for a transition period following completion.
In the year ended 31 December 2008, BioSeek reported audited net revenues of $3.2 million and a pre tax loss of $4.1 million. The audited value of the gross assets being acquired is $10.1 million.
The BioSeek acquisition constitutes a Class 1 transaction for Asterand for the purposes of the UK Listing Rules and accordingly completion of the acquisition is subject to, amongst other things, Asterand shareholder approval. A circular will be sent to shareholders once it has been approved by the UK Listing Authority and a further announcement will be made in regard to this in due course.
Rationale and Benefits of the BioSeek Acquisition:
* Highly complementary: BioSeek's BioMAP® platform and human cell based assays are highly complementary to the human tissue-based products and services offered by Asterand.
* Unique proprietary platform: High throughput and high content screening using human primary cells is a growing and important technique impacting drug development. The BioMAP® validated disease model platform is well positioned to exploit this trend. Furthermore, BioSeek's patents and proprietary know-how create a significant barrier to entry for competitive systems.
* Selling Proposition: BioSeek's sales to date have been achieved with limited resource - Asterand brings scale to the selling process. Asterand has strong connections with many pharmaceutical companies where BioSeek has historically had little or no exposure or penetration. This expanded global sales coverage should increase awareness and adoption of BioMAP®.
* Scalable platform: The BioMAP® platform is automated and easily expanded, and investment has been made in equipment and facilities so that additional demand can be met with relatively smaller additional costs.
* Operational and R&D synergy: Asterand's ability to procure a wide range of tissue types will provide a source of material for the development of new BioMAP® assays.
* Licensing model: BioSeek maintains an IP portfolio in relation to the BioMAP® system as well as a proprietary database of known compound activities. BioSeek has initiated a successful approach of licensing its platform to pharmaceutical partners. Asterand plans to build on this approach.
Martyn Coombs, Chief Executive Officer of Asterand commented:
"We are delighted to welcome BioSeek as an Asterand company. BioSeek has significant technology that is difficult to replicate, and can offer real added-value services to customers. The combination of this platform with Asterand's exceptional sales and marketing team will propel performance for the product line to a new level. We anticipate that the proposed acquisition will be marginally loss-making or break-even in the first year of our ownership and will increasingly contribute to earnings thereafter. "
"This acquisition is all about growth and value and offering the supply of more services to our customers - to be seen by Pharma R&D as the human-based solutions company. In addition to investments in sales and marketing, in the future we will look carefully at potential investments in R&D to expand the BioSeek platform to a broader range of diseases. I look forward to working closely with the BioSeek team to expand and grow our combined business."
Dr. Michael Venuti Ph.D., Chief Executive Officer of BioSeek noted:
"We are pleased to join Asterand in its mission to provide value added human based solutions to pharmaceutical and biotechnology companies worldwide. This is an exciting milestone for our shareholders and staff. With the increasing use of cell based technologies in drug candidate evaluation, we believe the BioMAP® platform is poised for growth. In addition, there are significant synergies to be realised in the complementary combination of the two companies' scientific expertise, commercial operations, product platforms and customer base. We look forward to working with Asterand's management team to ensure a rapid and seamless integration."
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 / Jennie Spivey Tel: +44 (0) 20 7466 5000
Cenkos Securities plc
Stephen Keys / Alex Aylen Tel: + 44 (0) 20 7397 8924
Daniel Stewart & Company plc
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, go to www.Asterand.com.
About BioSeek
BioSeek is improving the success rate of pharmaceutical research and development by integrating human biology from the earliest stages of drug discovery onward. The company's BioMAP® Systems incorporate predictive primary human cell-based disease models that generate uniquely informative activity profiles of each potential drug, assisting in the selection and development of new drug candidates. BioSeek is leveraging BioMAP® Systems technology in collaborations to enhance the productivity of its pharmaceutical partners' pipelines.
For more information, go to www.bioseekinc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 27-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0908Y
Asterand PLC
27 August 2009
For Immediate Release 27 August 2009
Asterand plc
Interim Results for the Period Ended 30 June 2009
Asterand plc ("Asterand" or the "Group" - LSE: ATD), a leading supplier of human tissue based solutions to pharmaceutical and biotechnology companies engaged in drug discovery research, today announces the Group's unaudited financial results for the six months ended 30 June 2009.
Highlights:
* Revenue up 28% to £6.6 million (H1 2008: £5.1 million)
(Flat at constant exchange rates).
An increase of 58% excluding revenue of £984,000 relating to a US Department of Defense contract which was completed in December 2008 (23% at constant exchange rates).
* Operating expenses of £3.5 million (H1 2008: £2.7 million)
An increase of 30% (6% at constant exchange rates)
Includes additional investment to: expand the Group's global supply network; capture value from the Group's licensing opportunities and develop a biorepository consulting product offering.
* Profit for the period of £0.08 million (H1 2008: £0.06 million loss)
* EBITDA positive £0.4 million (H1 2008: £0.08 million)
* Gross margin improvement to 58% (H1 2008: 51%)
* Cash resources at 30 June 2009 of £5.8 million (31 December 2008: £6.9 million). No long term debt. $5 million additional working capital facility available from Silicon Valley Bank.
* Signed collaboration agreements with BioWisdom and Abcam to expand the PhaseZERO® drug discovery platform into new markets.
* BTG announced that the migraine compound licensed from Asterand is progressing well in clinical development.
BTG licensed BGC20-1531 from Asterand in January 2006, completed preclinical development and entered the first Phase I trial in January 2008. BTG announced the compound is scheduled to enter Phase IIa studies in H2 2009.
Martyn Coombs, CEO of Asterand plc said:
"These are strong results. We achieved revenue in the first half of £6.6 million - an increase of £1.5 million over last year, in fact an increase of £2.5 million if we exclude our one-off project last year with the US Government. These results, during global economic retraction, speak to the value our customers place on the use of human tissue solutions for advancing their drug discovery goals. In addition, our gross margins have improved to 58%. We have also been able to invest in our future whilst increasing EBITDA profits to £0.4 million."
"We believe the strategy we put in place in the second half of 2007 has placed the Group on a solid path to sustained growth and profitability. Demand for our products and services continues to increase."
Chairman and Chief Executive Officer Statement
Business Overview
H1 Results
We are pleased to report that Asterand continues to advance on the path of growth and sustained profitability. During the first six months of 2009, total revenue grew to £6.6 million (H1 2008: £5.1 million). This solid performance was due to strong growth within our core tissue-based solutions business. The first six months of 2008 includes £984,000 relating to the Group's contract with the US Department of Defense for the evaluation of the Armed Forces Institute of Pathology biorepository. When proceeds from this contract are excluded, revenue for the period grew 58%.
Asterand also remained profitable whilst investing in programmes to fuel future growth. Operating expenses for this period were £3.5 million (H1 2008: £2.7 million). The additional expenditures were allocated to expansion of the supply network and commercial team. In addition, the Group devoted further resources to therapeutic licensing and product innovation initiatives. Biobank inventory reached a valuation of £4.7 million at 30 June 2009 (31 December 2008: £4.5 million). Inventory was increased by £817,000 during the period as part of an effort to improve the availability of high demand materials. However, this increase was mostly offset by the effects of the strengthening of the pound sterling against the US dollar (USD) as applied to the USD denominated inventory. Gross margins for the first half of 2009 improved to 58% (H1 2008: 51%).
The Group achieved a £0.08 million profit for the period as compared to a £0.06 million loss in H1 2008. When reviewed on an EBITDA basis, the Group reached a positive £0.4 million as compared to £0.08 million in 2008.
Asterand's cash position remains strong. At 30 June 2009, cash resources were £5.8 million (31 December 2008: £6.9 million). The Group's cash position was impacted by the weakening of the US dollar and its effect on the translation of largely US dollar denominated cash balances into pounds sterling. Cash spent during the period was also used for additional inventory purchases. The Group has also expanded its credit facility with Silicon Valley Bank to $5 million (previous credit facility: £2 million). We continue to hold no long-term debt and have no immediate plans to draw upon this credit facility. We believe the Group's healthy cash position and credit availability will provide sufficient working capital and resources to expand the core business.
Growing our Core Business
During the first half of 2009, the Group signed two collaboration agreements granting access to its PhaseZERO® drug discovery platform. In February, the Group entered a data syndication agreement with BioWisdom which allows access to Asterand's proprietary gene expression database through BioWisdom's software suite. Additionally, in April, the Group signed a collaboration agreement with Abcam for characterization of its antibodies using Asterand's PhaseZERO® platform. Both collaborations capitalise on Asterand's human tissue-based solutions expertise and expand the Group's reach into previously un-tapped market areas.
Expanding our Supply Network
Asterand remains committed to growing its global supply network to meet the increasing market demand. During the first half of 2009, the Group added 21 new suppliers, and has developed a pipeline of 182 potential research sites. Included in these figures are a number of prominent universities, specialty clinics, and medical centers. These new collaborations will allow Asterand to better meet demand for high quality, well annotated tissue from a broad range of therapeutic areas, including CNS disorders. In addition, this expansion will further improve our ability to perform research on rare diseases, reduce vulnerability to regional supply disturbances, and provide greater access to genetically diverse populations.
Unlocking the Value of the Therapeutics Portfolio
Asterand's heritage of drug discovery has created a portfolio of therapeutic programmes for out-licensing. To date, we have successfully licensed compounds to BTG and Allergan. In April, BTG announced positive news on the development progress of an EP4 receptor antagonist it licensed from Asterand. This migraine treatment has progressed successfully through preclinical development and Phase I trials. The compound is now scheduled to enter Phase IIa studies in H2 2009. Since licensing the series of compounds from Asterand in August 2008, Allergan has confirmed key pharmacological attributes for these molecules and has initiated early preclinical safety investigations. To date, Asterand has received £4.19 million in licensing fees, royalties and milestone payments. We continue to dedicate resources to prospecting for additional partners for our therapeutic programmes. It can be difficult to predict the timing and value of future agreements, and success is not guaranteed. Therefore, we aim to maintain the profitability of the base business and deem revenue gained from this activity to be upside.
Corporate Governance
The principal risks and uncertainties faced by the Group remain maintaining sufficient tissue supply, financial and liquidity risk, reliance on key customers, competition, potential for government regulation, foreign exchange risk, reliance on key personnel, and risks associated with handling tissue. A more detailed explanation of these risks can be found on page 25 of the 2008 Annual Report and Financial Statements.
The Group continues to improve its visibility with the investor community. In May 2009, the Group appointed Cenkos Securities plc as Co-Broker in addition to Daniel Stewart and Company plc. Cenkos Securities plc has extensive experience working with small to mid cap companies.
Outlook
During the first six months of 2009, Asterand posted solid revenue growth and maintained profitability. The achieved revenue growth was based entirely on sales within our core tissue based solutions business. Revenue in 2009 includes sales to a major client which will not exceed £2.4 million for the year (2008: £2.6 million). This contract will be completed in 2009. We will seek further similar work in the future, although this is not guaranteed.
In conclusion, Asterand continues to solidify its leadership position as a human tissue based solutions provider. As our customers focus on developing personalised therapies and treatments for disease, demand for well characterized human tissue and services grows. The management team continues to focus on expanding the business and improving operations to meet this market need.
Jack Davis
Chairman, Asterand plc
Martyn Coombs
Chief Executive Officer, Asterand plc
Six months ended Six months ended Six months ended
Summary of Results for the 30 June 2009 30 June 2008 30 June 2007
First Half Re-presented Re-presented
Unaudited Unaudited
Unaudited £'000 £'000
£'000
Revenue 6,558 5,122 3,571
Gross profit 3,804 2,621 1,396
Operating expenses (excl. (3,479) (2,690) (2,373)
restructuring costs)
Operating profit/(loss) 325 (69) (1,070)
EBITDA 438 82 (793)
Period end cash and cash 5,752 1,613 3,746
equivalents
For further information contact:
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 / Rebecca Skye Dietrich / Jennie Spivey Tel: +44 (0) 20 7466 5000
Cenkos Securities plc
Stephen Keys / Alex Aylen Tel: + 44 (0) 20 7397 8924
Daniel Stewart & Company plc
Simon Starr Tel: +44 (0) 20 7776 6550
Consolidated Income Statement
for the six months ended 30 June 2009
Note Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Re-presented
Re-presented
Audited
Unaudited
Unaudited £'000
£'000
£'000
Revenue 4 6,558 5,122 15,211
Cost of sales (2,754) (2,501) (6,636)
Gross Profit 3,804 2,621 8,575
Research and development costs (129) (273) (270)
Selling and distribution costs (1,241) (831) (1,837)
General and administrative
expenses
- Normal operations (2,109) (1,586) (3,617)
- Exceptional items (bid, - - (319)
restructuring and severance
costs)
- Total general and (2,109) (1,586) (3,936)
administrative expenses
Total operating expenses (3,479) (2,690) (6,043)
Gain on insurance recovery - - 717
Operating profit/(loss) 325 (69) 3,249
Interest income 14 19 53
Foreign exchange (313) (3) 681
(change)/credit
Finance (expense)/income (299) 16 734
Profit/(loss) before taxation 26 (53) 3,983
Taxation 56 (8) (108)
Profit/(loss) for the 6 82 (61) 3,875
financial period
Earnings/ (loss) per 5p
ordinary share
Basic 5 0.07p (0.06)p 3.53p
Diluted 5 0.07p (0.06)p 3.33p
The results arise from continuing operations.
Non-IFRS Measure
Earnings before interest, taxes, depreciation and amortisation ("EBITDA") - and excluding exceptional items and share option related charges / (credits) for the six months ended 30 June 2009
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Re-presented Re-presented
Audited
£'000
Unaudited £'000
Unaudited £'000
£'000
£'000
Operating profit/(loss) 325 (69) 3,249
Exceptional items - - 319
(restructuring and severance
costs)
Gain on insurance recovery - - (717)
Share option related (1) 28 23
(credit)/change
Depreciation and amortisation 114 123 242
EBITDA 438 82 3,116
Statement of Comprehensive Income
For the six months ended 30 June 2009
Note Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Audited
£'000
Unaudited Unaudited
£'000 £'000
Profit/(loss) for the 6 82 (61) 3,875
financial period
Other comprehensive income:
Exchange translation 6 (1,178) 16 2,076
differences on consolidation
recognised directly in equity
Other comprehensive (1,178) (16) 2,076
(expense)/income
for the period net of tax
Total comprehensive (1,096) (45) 5,951
(expense)/income
for the period
Consolidated Balance Sheet
As at 30 June 2009
Note 30 June 2009 30 June 2008 31 Dec 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Intangible assets 675 678 689
Property, plant and equipment 447 430 464
Deferred tax asset 468 - -
1,590 1,108 1,153
Current assets
Biobank inventory 4,661 3,121 4,459
Trade and other receivables 2,753 2,371 4,110
Cash and cash equivalents 5,752 1,613 6,880
13,166 7,105 15,449
Liabilities
Current liabilities
Trade and other payables (3,067) (2,296) (4,240)
Income tax payable (443) - -
Financial liabilities
- Financial liabilities - - (1) -
finance leases
- Financial liabilities - - - (32)
current debt
(3,510) (2,297) (4,272)
Net current assets 9,656 4,808 11,177
Net Assets 11,246 5,916 12,330
Shareholders' equity
Ordinary shares 6 5,700 5,544 5,684
Shares to be issued 6 1 7 20
Share premium 6 52,916 52,630 52,900
Reverse acquisition reserve 6 (41,916) (41,916) (41,916)
Other reserves 6 3,083 3,083 3,083
Profit and loss reserve 6 (8,538) (13,432) (7,441)
Total equity 11,246 5,916 12,330
Consolidated Cash Flow Statement
for the six months ended 30 June 2009
Six months ended Six months ended Twelve months
30 June 2009 30 June 2008 ended
31 Dec 2008
Audited
Unaudited Unaudited
£'000
£'000 £'000
Cash flows from operations
Cash (used)/generated by (1,083) (508) 4,440
operations
Interest element of finance (15) (14) (1)
lease rental payments
Interest paid - - (33)
Receipt of research and 77 12 12
development tax credit
Tax paid (47) (8) (90)
Net cash (used)/generated by (1,068) (518) 4,328
operations
Cash flows from investing
activities
Interest received 29 33 87
Proceeds from disposal of - - 16
tangible assets
Purchase of property, plant (83) (84) (229)
and equipment
Expenditure on intangible - (13) (34)
assets
Net cash (used) in investing (54) (64) (160)
activities
Cash flows from financing
activities
Proceeds from exercise of 1 23 23
share options
Proceeds from issue of 12 7 417
ordinary share capital
Proceeds from ordinary share - 7 20
capital to be issued
Debt and finance lease (32) (57) (26)
principal payments
Net cash (used)/ generated (19) (20) 434
from financing
(Decrease) / increase in cash (1,141) (602) 4,602
and cash equivalents
Cash and cash equivalents at 6,880 2,199 2,199
beginning of period
Exchange gains on cash and 13 16 79
cash equivalents
Cash and cash equivalents at 5,752 1,613 6,880
end of period
Reconciliation of consolidated operating profit/(loss) to net cash used by operations
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Re-presented
Re-presented
Audited
Unaudited
Unaudited £'000
£'000
£'000
Operating profit/(loss) 325 (69) 3,249
Depreciation charge (net of 103 116 209
profit/(loss) on disposals)
Amortisation charge 11 7 17
Share option compensation (1) 28 23
charge/(credit)
(Increase) in biobank (817) (300) (568)
inventory
Decrease/(increase) in trade 1,479 217 (525)
and other receivables
(Decrease) in trade and other (1,180) (507) 931
payables
Exchange translation (1,003) - 1,104
differences
Cash (used)/generated by (1,083) (508) 4,440
operations
Notes to the interim results for the six months ended 30 June 2009
1. General information
The Company is a public limited company incorporated and domiciled in the UK. The address of its registered office is: 2 Orchard Road, Royston, Herts, SG8 5HD. The Company is listed on the London Stock Exchange.
This condensed consolidated interim information was approved for issue on 27 August 2009.
This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2008 were approved by the Board on 27 March 2009 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 237 of the Companies Act 1985.
This condensed consolidated interim financial information has been reviewed, not audited.
2. Basis of preparation
This condensed consolidated interim financial information for the six months ended 30 June 2009 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim financial reporting' as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2008, which have been prepared in accordance with IFRSs as adopted by the European Union.
3. Accounting policies
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in those annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The Directors have reviewed the classification of certain items within the income statement and believe, in order to aid transparency, it is more appropriate to classify foreign exchange charges/(credits) differently to prior periods. These foreign exchange charges/(credits) arise on retranslation of cash balances and intercompany loans and have previously been included within general administrative expenses, but after this review, have now been reclassified within finance income/(expense). The impact is to reduce general and administrative expenses by £313,000 (six months to 30 June 2008: a reduction of £3,000; year ended 31 December 2008; an increase of £681,000).
A change to US dollar presentation currency for the Company and the Group was scheduled to begin
1 January 2009 but has been delayed until 1 January 2010.
The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009:
* IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the
presentation of items of income and expenses (that is 'non-owner changes in equity') in the
statement of changes in equity, requiring 'non-owner changes in equity' to be presented
separately from owner changes in equity. All 'non-owner changes in equity' are required to be
shown in a performance statement.
The Group has elected to present two statements: an income statement and a statement of comprehensive
income. The interim financial statements have been prepared under the revised disclosure requirements.
* IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It requires a
management approach' under which segment information is presented on the same basis
as that used for internal reporting purposes.
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision-maker. The chief operating decision-maker has been identified
as the Chief Executive Officer (CEO).
The CEO assesses the performance of the operating segments by reviewing revenue, and
gross margins EBITDA, by segment. EBITDA excludes the effects of restructuring costs, share
option compensation charges, depreciation and amortisation, from the operating segments.
Interest income and expenditure are not included in the results for the operating segments
that are reviewed by the CEO.
The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group:
* IFRIC 13, 'Customer loyalty programmes'
* IFRIC 15, 'Agreements for the construction of real estate'
* IFRIC 16, 'Hedges of a net investment in a foreign operation'
* IAS 39 (amendment), 'Financial instruments: Recognition and measurement'
4. Segmental reporting
The Directors are of the opinion that under IFRS 8 'operating segments', the Group has two business segments: Tissue Based Solutions and Licensing. All revenue and costs are recorded in the income statement under these two segments.
Revenue by segment are split as follows:
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Audited
Unaudited Unaudited
£'000
£'000 £'000
Tissue Based Solutions 6,558 5,122 11,772
Licensing - - 3,439
6,558 5,122 15,211
EBITDA by segment is split as follows:
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Re-presented
Re-presented
Audited
Unaudited
Unaudited £'000
£'000
£'000
Tissue Based Solutions 564 140 1,008
Licensing (126) (58) 2,108
438 82 3,116
Gross margin by segment is split as follows:
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Audited
%
Unaudited Unaudited
% %
Tissue Based Solutions 60% 52% 55%
Licensing - - 61%
The licensing revenue for the six months ended 30 June 2009 and the six months ended 30 June 2008 are zero (year ended 31 December 2008: £3.4 million), however, the Group continues to invest in this segment.
The Group operates across four geographical segments. The UK is the home country of the legal parent.
Revenue (by destination) Revenue (by origin)
Six months ended Six months ended Twelve months ended Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008 30 June 2009 30 June 2008 31 Dec 2008
Audited Audited
£'000 £'000
Unaudited Unaudited Unaudited Unaudited
£'000 £'000 £'000 £'000
U.K. 270 228 951 1,362 949 5,409
Rest of Europe 997 646 1,368 - - -
North America 4,909 4,096 12,627 5,196 4,173 9,802
Japan 382 152 265 - - -
6,558 5,122 15,211 6,558 5,122 15,211
Net Assets Capital expenditure
Six months ended Six months ended Twelve months ended Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008 30 June 2009 30 June 2008 31 Dec 2008
Audited Audited
£'000 £'000
Unaudited Unaudited Unaudited Unaudited
£'000 £'000 £'000 £'000
U.K. 2,110 650 2,825 65 36 41
North America 9,136 5,266 9,505 18 61 222
11,246 5,916 12,330 83 97 263
5. Earnings/ (loss) per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of 5p ordinary shares issued during the period.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the period ended 30 June 2009.
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Unaudited Unaudited Audited
Earnings/(loss) attributable 82 (61) 3,875
to
ordinary shareholders
(£'000's)
112,823 109,611 109,929
Weighted average number of
shares (000's)
0.07p (0.06)p 3.53p
Basic earnings/(loss) per
ordinary share
Six months ended Six months ended Twelve months ended
30 June 2009 30 June 2008 31 Dec 2008
Unaudited Unaudited Audited
Earnings/(loss) attributable 82 (61) 3,875
to
ordinary shareholders
(£'000's)
112,823 109,611 109,929
Weighted average number of
shares (000's)
Adjustments for: Share options 8,583 - 6,546
(000's)
Weighted average number of 121,406 109,611 116,475
shares (000's)
0.07p (0.06)p 3.33p
Diluted earnings/(loss) per
ordinary share
In the six months ended 30 June 2008, the Group had no dilutive potential ordinary shares in issue
because it was loss making.
6. Shareholder's funds and statement of changes in shareholders' equity
Share Capital Shares to be Issued Share Premium Reverse Acquisition Other Reserves Investment in Own Profit and Loss Total Equity
Reserve Shares Reserve
Unaudited £'000 Unaudited £'000 Unaudited £'000 Unaudited Unaudited £'000 Unaudited Unaudited £'000 Unaudited £'000
£'000 £'000
At 1 January 5,502 15 52,627 (41,916) 3,083 (690) (12,725) 5,896
2008
Exchange translation - - - - - - 16 16
differences
New shares issued during the 42 (15) 3 - - - - 30
period
Shares to be issued - 7 - - - - - 7
Share option compensation - - - - - - 28 28
(Loss) for the financial - - - - - - (61) (61)
period
At 30 June 2008 5,544 7 52,630 (41,916) 3,083 (690) (12,742) 5,916
At 1 January 2009 5,684 20 52,900 (41,916) 3,083 (690) (6,751) 12,330
Exchange translation - - - - - - (1,178) (1,178)
differences
New shares issued during the 16 (20) 16 - - - - 12
period
Shares to be issued - 1 - - - - - 1
Share option compensation - - - - - - (1) (1)
Profit for the financial - - - - - - 82 82
period
At 30 June 2009 5,700 1 52,916 (41,916) 3,083 (690) (7,848) 11,246
7. Dividends
No dividends have been paid or proposed for the period ended 30 June 2009 (30 June 2008: £nil).
bvcf
Statement of Directors' Responsibilities
The directors confirm that this condensed consolidated interim financial information has been prepared in accordance with IAS 34 as adopted by the European Union and that the half-yearly management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
* an indication of important events that have occurred during the first six months and
their impact on the condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of the financial year; and
* material related-party transactions in the first six months and any material changes in the
related-party transactions described in the last annual report.
A list of current directors is maintained on the Asterand plc website: www.asterand.com.
A list of directors is maintained on the Asterand plc website: www.asterand.com.
By order of the Board
Martyn Coombs
Chief Executive Officer
27 August 2008
Independent Review Report to Asterand plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009, which comprises the consolidated income statement, the statement of comprehensive income, the consolidated balance sheet, the consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Cambridge
27 August 2008
Notes:
a. The maintenance and integrity of the Asterand plc website is the responsibility of the directors; the work
carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors
accept no responsibility for any changes that may have occurred to the half-yearly financial statements since
they were initially presented on the website.
b. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGZRDNKGLZG
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| 24-08-09 | RNS |
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RNS Number : 8594X Asterand PLC 24 August 2009 For Immediate Release 24 August 2009
ASTERAND PLC Notification of Interim Results Asterand plc (LSE: ATD), (*Asterand* or the *Company*), a leading provider of human tissue and human tissue-based services to pharmaceutical and biotechnology companies engaged in drug discovery research, will announce its Interim Results for the six months ended 30 June, 2009 on Thursday 27 August, 2009. Contacts: Asterand plc
Buchanan Communications
Cenkos Securities plc
Daniel Stewart & Company plc
EDITOR'S NOTES 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 clinic. This information is provided by RNS The company news service from the London Stock Exchange END
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http://www.proactiveinvestors.co.uk/companies/news/10310/asterand-to-buy-us-drug-discovery-services-group-bioseek-9-mths-trading-encouraging-10310.html
The pro-active investors view on the new aquisition. Its looking good and would expect 25/30p range over next few months! DS More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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BTCharlie,
My only advice BTC would be to do what you feel is best for your circumstances. I just sold out of Pennon last week at 452p after holding for over 2 years. I only picked up dividends but was carrying a 20%loss on my holding. I decided to sell out and put the proceeds into 3 of my other holdings. Pennon have today released the most positive statement in two years and the price has shot up to 485p, with some analyists recommending 500p as a target. This would have wiped out my 20% loss more or less, so I am rather upset. My point is that you have to do what you feel is right for you. I have posted my feelings on ATD earlier and I believe they will come really good, in time, and the 18-19p SP will be a distant memory. The board have not sat on their hands doing nothing. They have invested in new technology with BioSeek. BioSeek appear to be a very progressive company in their own right and have some excellent collaborative agreements with GlaxoSK, Merck, Amylin and the US EPA. I remain very positive and its interesting that the SP has bounced back to the 20p pre-interim statement level. Do whats right for your circumstances BTC and lots of luck with whatever you decide to do. All the best, DS More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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Just read through the latest RNS. OK, some disappointment, some pharmas may be cutting back and that may impact on sales going forward. However, be in no doubt, this company are not sitting on their hands. They are moving forward and the purchase of BioSeek is a very positive aquisition in the current economic envioronment. BioSeek itself is a progressive company. I have just spent sometime on their website, it all looks quite favourable to me. They have good products and collaborations with major Pharma. I am very pleased with Asterands strategy and although the market has not reacted positively because of short term indicators, this is a long term investment. Reading the statements from both companies, it is obvious that synergies of scale will play a big part in producing positive growth and the ATD sales team will deliver BioSeeks product to a wider market adding to revenue. I see the drop to 18-19p as a buying opportunity, I hope others agree as this is a real oppertunity, but will require holding for possibly 2 years.
Martyn Coombs, Chief Executive Officer of Asterand commented: “We are delighted to welcome BioSeek as an Asterand company. BioSeek has significant technology that is difficult to replicate, and can offer real added-value services to customers. The combination of this platform with Asterand’s exceptional sales and marketing team will propel performance for the product line to a new level. We anticipate that the proposed acquisition will be marginally loss-making or break-even in the first year of our ownership and will increasingly contribute to earnings thereafter. ” “This acquisition is all about growth and value and offering the supply of more services to our customers – to be seen by Pharma R&D as the human-based solutions company. In addition to investments in sales and marketing, in the future we will look carefully at potential investments in R&D to expand the BioSeek platform to a broader range of diseases. I look forward to working closely with the BioSeek team to expand and grow our combined business.” Dr. Michael Venuti Ph.D., Chief Executive Officer of BioSeek noted: “We are pleased to join Asterand in its mission to provide value added human based solutions to pharmaceutical and biotechnology companies worldwide. This is an exciting milestone for our shareholders and staff. With the increasing use of cell based technologies in drug candidate evaluation, we believe the BioMAP® platform is poised for growth. In addition, there are significant synergies to be realised in the complementary combination of the two companies’ scientific expertise, commercial operations, product platforms and customer base. We look forward to working with Asterand’s management team to ensure a rapid and seamless integration.” Happy days, DS More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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something tells me mr market has got this wrong at the moment,atd is growing, gl to all holders
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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