Supplier of human tissue and human tissue-based services Asterand (AIM: ATD) has announced the extension of its collaboration with Bristol-Myers Squibb Company (NYSE: BMY) for access to its products and services for up to three years, focusing on its PhaseZERO drug discovery services and XpressBANK of human tissue and clinical samples.
Under the terms of the extended collaboration agreement, Asterand will continue to undertake a range of PhaseZERO studies for Bristol-Myers Squibb in compound profiling and target validation. Bristol-Myers will also gain access to XpressBANK of human tissue, bio-fluid and cell lines for the continued validation of drug targets and will also utilize Asterand’s ProCURE custom clinical sample collection service.
PhaseZERO studies include gene and protein expression profiling and cell-based pharmacology assays.
“This decision by Bristol-Myers Squibb is an important validation of Asterand's products and services...we are delighted that Bristol-Myers Squibb has renewed our collaboration and our team looks forward to continuing to support their target validation and compound optimisation programmes,” said Chief Executive of Asterand Martyn Coombs.
The company provides human based solutions for decision marking during the development of medicines. Asterand’s customers incorporate human tissue-based models at all stages of development from target identification to pre-clinical research.
Asterand reported revenues of £9.1 Million for the nine months to 30 September, up from £8 million for the equivalent period of the previous year. The cash resource stood at £5.2 million.
Shares in the company rose 2.5% on the news.