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Asterand - Human Tissue Research. M/Cap covered by cash (ATD)

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Creator HugePants Created 20 Mar 2007 Posts 111 Last Post 6 years ago
Downside currently well protected by cash in bank, risk/reward should be favourable.

101.7M shares in issue. Market cap at 4.375p = 4.4M

See the very good website for background info.
http://www.asterand.com

Also a Times article from last year suggesting human tissue testing will become a required precursor to drugs testing on human beings.
http://www.asterand.com/Asterand/NEWSEVENTS/2006PRESSRELEASES/TheTimes3_21_2006.pdf

Asterand is the result of a merger between Asterand Inc and Pharmagene at beginning of 2006.

Recent final results show a strong turnaround when compared with proforma.
http://www.investegate.co.uk/Article.aspx?id=200703140701209064S

Revenues of £7.4M up from £5.5M
Loss (excluding exceptionals) reduced to £2.7M from £7.6M

Balance sheet:
NAV = 5.4M
cash = 4.9M
net liquid assets = 4.1M

There are also significant historical trading losses (are they useable?)

AGM statement in July predicted strong growth
http://www.investegate.co.uk/Article.aspx?id=200607311132179741G

"...Over the next few years I believe the demand for Asterand's human tissue research expertise will grow dramatically as the drug discovery industry seeks to develop new drugs, faster, at less cost and take them into the clinic with more confidence..."

ApJohn Ventures have been buying since the results. This is their area of expertise so its a bullish sign.
http://www.apjohnventures.com

The cash should last for 2-3 years at least (they also have a 2M loan facility) so it isnt going bust anytime soon. This lets you see how things go for say 12 months and allows you to sell out avoiding a total loss if things are clearly going downhill. But I think the risk/reward looks excellent at current price. DYOR.


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