Update on BioSeek Loan Notes (5956R)

TIDMATD

RNS Number : 5956R

Asterand PLC

07 November 2011

7 November 2011

Asterand Plc

("Asterand" or the "Company")

Update on BioSeek Loan Notes

On 24 October 2011, the Company announced that it had received notices of default from Silicon Valley Bank ("SVB") and from the holders of the BioSeek loan notes and that in the case of the latter, the Company had 120 days to remedy the situation. The Company has now received further notice from the representative of the holders of the BioSeek loan notes to the effect that the conditions for the Company to avail itself of the 120 day cure period had not been met and that the amounts owing under the BioSeek notes are also payable on demand. The repayment rights of the holders of the BioSeek loan notes are subject to the rights of the Company's senior lender, SVB. The Company is in continuing discussions with its creditors to resolve the current default.

For further information, please contact:

 
 Asterand plc 
 Jack Davis, Chairman and Interim        Tel: + 44 (0) 1763 211 
  Chief Executive Officer                 600 / + 1 (313) 263-0960 
 Alan Fishman, Interim Chief Financial   As above 
  Officer 
 
 Daniel Stewart & Company plc 
 Antony Legge                            Tel: +44 (0) 20 7776 
  David Hart                              6550 
  Paul Shackleton

This information is provided by RNS

The company news service from the London Stock Exchange

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