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Bioanalytical Systems, Inc.
Michael R. Cox, 765-497-5829
Bioanalytical Systems, Inc. Announces $6.5 million Sale-leaseback of
WEST LAFAYETTE, Ind., December 8, 2004 Bioanalytical Systems, Inc.
(Nasdaq:BASI) today announced that it has reached an agreement providing for the
sale and leaseback of the building that currently houses its clinical research
facility in downtown Baltimore, Maryland. BASi will receive $6.5 million in cash
from the transaction and will lease 85% of the building for three years at near
market rate. Proceeds from the transaction will be used to reduce debt and
increase working capital. A purchase agreement was executed, due diligence
satisfactorily completed, and a nonrefundable $1,000,000 deposit is in escrow.
The transaction is scheduled to close in early January, 2005.
Bioanalytical Systems, Inc. is a pharmaceutical development company providing
contract research services and monitoring instruments to the world s leading
drug development and medical device companies. BASi focuses on developing
innovative services and products that increase efficiency and reduce costs
associated with taking new drugs to market. Visit www.bioanalytical.com
for more about BASi.
This release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to,
risks and uncertainties related to the development 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