CAMBRIDGE, Mass. — Stemgent Inc. announced today that it has completed the sale of its stem cell reagents and services business to ReproCELL in a cash transaction for approximately $8.5 million. Stemgent is selling the stem cell reagent and services business in order 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 Biosciences, Inc.

“This sale will provide resources to enable the Asterand Bioscience 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 pharmaceutical, diagnostic and research organizations”

“This sale will provide resources to enable the Asterand Bioscience 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 pharmaceutical, diagnostic and research organizations,” stated John Canepa, Chief Financial Officer.

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.

BroadOak Partners provided financial advisory services to Stemgent for this transaction.

Asterand Bioscience, Inc.

Asterand Bioscience, Inc. is the leading global provider of high quality, well-characterized human tissue and human tissue-based research services to support drug discovery and development. Asterand provides human-based solutions to pharmaceutical and biotechnology companies to accelerate the identification and validation of drug targets and biomarkers and to provide actionable data for the selection of drug candidates with an increased likelihood of clinical success.

Release Summary

Stemgent Inc. announced today that it has completed the sale of its stem cell reagents and services business to ReproCELL in a cash transaction for approximately $8.5 million.