Wednesday, Asterand Plc (ATD.L) in its interim management statement for the nine-month period ending 30 September 2009, said its revenues for the period were GBP 9.1 million. The company said it continues to control its expenditures while maintaining strong cash resources of £5.2 million as at 30 September 2009 compared with £5.8 million last year.
The company also announced that it has signed an agreement to acquire BioSeek Inc., 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.
Martyn Coombs, Chief Executive Officer of Asterand said, "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."
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