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