Asterand, Stemgent deal

In June, Stemgent said it will acquire Asterand's non-BioSeek Tissue Based Solutions business for $9 million in cash. At the time, the company also proposed to delist its shares. In a July 13 shareholder circular, the chairman and CEO proposed to change the name of the continuing company to BioSeek plc. The moves are subject to shareholder approval.

The Tissue Based Solutions business includes the XpressBANK biobank repository of samples and the PhaseZERO human tissue-based drug discovery research service. The business had an operating loss of $5.1 million and revenues of $15.5 million in 2011. ...