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Announces Sale of Baltimore Clinical Pharmacology Research
LAFAYETTE, IN, June 30, 2008 - Bioanalytical Systems, Inc. (Nasdaq: BASI)
announced today that it has sold its Baltimore Clinical Pharmacology Research
Unit (the "CPRU") to a subsidiary of Algorithme Pharma Holdings, Inc.
("Algorithme"). As a result of this sale, BASi will exit the Phase I
first-in-human clinical study market. BASi sold the operating assets of the
in exchange for a cash payment of $850,000 at the closing and the assumption
certain liabilities related to the CPRU, including the lease held by BASi
the facility housing the CPRU.
is a privately-held, Montreal-based contract research organization, providing
human clinical trials for Phase I and bioequivalence studies, as well as
bioanalytical services, to pharmaceutical and biotechnology companies worldwide.
Visit algopharm.com for more information about Algorithme.
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
new drug to market. Visit www.bioanalytical.com for more information about
release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to, risks and uncertainties related
the sale of the Baltimore Clinical Pharmacology Unit, the financial and
operational impact of the sale of the Baltimore Clinical Pharmacology Unit,
development, marketing and sales of products and services, changes in
technology, industry standards and regulatory standards, and various market
operating risks detailed in the company's filings with the Securities and
Exchange Commission.