DETROIT ? Human tissue bank Asterand has done a reverse takeover of Pharmagene, a human tissue-based drug discovery company located in the United Kingdom. The combined company will remain in Detroit, but expand to 70 sites in the United States, Western and Eastern Europe.
Pharmagene is to be renamed Asterand plc. The company will be led by CEO Randal Charlton, current CEO of Asterand, who is a native of England; Ronald Openshaw, who will become CFO and is Pharmagene?s current acting CEO and CFO; and COO Martin Stefanelli, currently Asterand COO. Asterand is based in Wayne State University?s TechTown.
?When we founded Asterand just over five years ago, we decided on Michigan as the ideal state and Wayne State University in Detroit as the ideal location. Those decisions have proved correct,? Charlton said. ?We recognize that the support we?ve received from both the state, the university, and TechTown in particular, have helped us grow this company as rapidly as possible.?
The directors of Pharmagene believe that the merger will create a leading company in human tissue supply and human tissue-based research services comprising:
A tissue supply network of over 70 sites in the U.S., the U.K., Western and Eastern Europe and a biorespository of approximately 300,000 samples;
A broad commercial offering which includes the supply of tissue samples, tissue derivatives and experimental research services;
A client base of over 70 pharmaceutical and biotech companies, serviced by an international sales and marketing organization;
A service business focused on revenue generation;
The merger has been classified as a reverse takeover of Pharmagene under the Listing Rules and, accordingly, trading in ordinary shares is being suspended. It is anticipated that trading will recommence after publication of the circular, which will be posted to Pharmagene shareholders as soon as practicable. The transaction is subject to approval by the shareholders of both Pharmagene and Asterand.
