BASi Breaks Ground on Expansion of GLP Toxicology Facility in Indiana
October 17 2018 - 8:33AM
Bioanalytical Systems, Inc. (NASDAQ:BASI) today announced that
the company broke ground last week on the expansion of its GLP
toxicology facility on its 52-acre campus in Mt. Vernon, Indiana,
near Evansville.
Set to open by the end of 2019, the expansion effort will more
than double the facility’s current capacity for the development of
protein-based therapeutics.
“It’s really exciting to see shovels hit the dirt bringing us
closer to this much-anticipated, state-of-the-art expansion,” said
Philip Downing, senior vice president of preclinical services at
BASi. “This upgrade, coupled with improvements we have made during
2018 to our environmental systems and infrastructure, allows us to
add the needed capacity to grow the business and meet the needs of
our clients, which is paramount, while contributing to the
important advancements in research that drive our industry.”
Peter Kissinger, BASi founder and scientific adviser, added,
“This expansion better positions BASi to support development of the
most modern, targeted therapies for unmet needs in cancer and
chronic degenerative diseases. It's an exciting time to see
the benefits of decades of basic science now matter for
patients."
To meet the demands of the growing market, the company is
already in the planning phases for further expansion and added
capacity moving into 2020.
In the past year, BASi has also made capital investments in the
company’s pharm analysis lab to enhance its bioequivalence
capabilities, bolstered its preclinical PK/PD services with
upgrades to its lab in West Lafayette, Indiana, and acquired the
operations of Seventh Wave Laboratories in St. Louis, Missouri, to
provide broader solutions and greater scientific expertise to its
clients.
Transaction Summary
On September 28, 2018, BASi entered into an amendment to its
credit agreement with First Internet Bank in order to finance the
expansion. This amendment provides BASi a construction draw loan in
a principal amount not to exceed $4,445,000 and an equipment draw
loan in a principal amount not to exceed $1,429,250.
A Current Report on Form 8-K containing further details
regarding the amendment to the credit agreement was filed by BASi
on October 4, 2018.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract
research services and monitoring instruments to the world's leading
drug development companies and medical research organizations. The
Company focuses on developing innovative services and products that
increase efficiency and reduce the cost of taking a new drug to
market. Visit www.BASinc.com for more information about
BASi.
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 standards
and regulatory standards, and various market and operating risks
detailed in the company's filings with the Securities and Exchange
Commission.
Company Contact:Jill C.
BlumhoffChief Financial OfficerPhone:
756.497.8381jblumhoff@BASinc.com
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