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Stemgent sells stem cell reagent and services business unit.

CAMBRIDGE, Mass., October 1, 2014 -- Stemgent Inc. said it has sold its stem cell reagents and services business to RcproCELL in a cash transaction for $8.5 million.

Stemgent is selling the stem cell reagent and services business to focus on expanding its human tissue-based brand, Asterand Biosciences.

Asterand has operated successfully for many years and is a leading global provider of high quality, well characterized human tissue and human tissue-based research services which support drug discovery and development and biomarker development and validation.

Concurrent with the sale, the company name was changed to Asterand Bioscicnccs, Inc.

"This sale will provide resources to enable the Asterand Biosciences human tissue business to focus on profitable organic growth and strategic acquisitions to strengthen the company's position as a worldwide leader in providing human tissue and tissue-based services to phannaccutical, diagnostic and research organizations," said CFO John Canepa.

The sale includes all assets that are used in the stem cell reagents and services business and all employees located in the company's Cambridge Massachusetts facility.

Contact: http://www.asterandbio.com

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Publication:Stem Cell Lab World
Article Type:Company overview
Date:Oct 6, 2014
Words:176
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