BASi Announces Borrowing under Paycheck Protection Program
April 24 2020 - 4:05PM
Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi”, the
“Company”, “We” or “Our”) doing business as Inotiv, a
leading provider of nonclinical and analytical contract research
services, today announced the closing and receipt of funds from the
SBA Paycheck Protection Program (“PPP”).
During the Coronavirus (COVID-19) crisis, the
Company is continuing operations. As a company within the
“essential critical infrastructure” industry, the Company believes
it has a special responsibility to maintain business continuity and
a normal work schedule to the greatest extent practicable.
Robert Leasure, Jr., the Company’s President and
Chief Executive Officer, commented, “Our Company is doing the
important work of supporting our clients in their efforts towards
drug discovery and development. We are proud to be part of this
industry, and are fortunate to be working with multiple clients, at
our multiple sites, on a variety of therapy or vaccine candidates
for COVID-19 and many other lifesaving medicines.”
“The impact of this crisis is unprecedented.
Throughout the challenge, our team has shown immense
entrepreneurial spirit and resilience in managing how and where we
work to maintain the safest working conditions, while continuing to
support each other and our clients. Every day we look to mitigate
our risk related to the COVID-19 crisis. The PPP money will help us
manage that risk and continue to meet payroll obligations and help
with potential liquidity challenges during this period,” Mr.
Leasure concluded.
The PPP loan amount totaled $5,051,281. The
funds will be used strictly for payroll for the next 8 weeks, in
addition to utility, rent and interest expenses, as allowed under
the PPP. In conjunction with this loan, First Internet Bank
approved the borrowing in accordance with the Company’s loan
documents.
About the Company
Bioanalytical Systems, Inc., operating as
Inotiv, is a pharmaceutical development company providing contract
research services and monitoring instruments to emerging
pharmaceutical companies and the world's leading drug development
companies and medical research organizations. The Company focuses
on developing innovative services supporting its clients’ discovery
and development objectives for improved decision-making and
accelerated goal attainment. The Company’s products focus on
increasing efficiency, improving data, and reducing the cost of
taking new drugs to market. Visit inotivco.com for more
information about the Company.
This release may contain forward-looking
statements that are subject to risks and uncertainties including,
but not limited to, risks and uncertainties related to changes in
the market and demand for our products and services, the
development, marketing and sales of products and services, changes
in technology, industry and regulatory standards, the timing of
acquisitions and the successful closing, integration and business
and financial impact thereof, the impact of COVID-19 on the
economy, demand for our products and services and our operations,
and various market and operating risks, including those detailed in
the Company's filings with the U.S. Securities and Exchange
Commission.
Company Contact:Beth A.
TaylorChief Financial OfficerPhone:
765.497.8381btaylor@inotivco.com
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