BASi Adds Missouri Lab

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WEST LAFAYETTE -

West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) has announced an agreement to acquire a Missouri contract research consultant. The deal for Seventh Wave Laboratories LLC involves $7 million in cash and 1.5 million BASi shares. BASi Senior Vice President of Preclinical Services Philip Downing calls the combination "an excellent strategic fit."

The move follows BASi's investment late last year to expand its laboratory operations in Mt. Vernon, which could be complete within a year. In December, it detailed a "multi-tiered" strategy that includes hiring principal investigators and research analysts for its bioanalytical and pharm analysis labs and to expand cross-training of current staff members. In the weeks before its most recent quarterly earnings report, BASi announced a strategic alliance with another Tippecanoe County-based company, Phlebotics Inc., which aims to boost beta testing and product development capabilities in an effort to bring products to market more quickly. Peter Kissinger is founder of both BASi and Phlebotics Inc.

With regard to the Seventh Wave Laboratories acquisition, Downing adds "for both BASi and Seventh Wave Laboratories, our success has been built on a solid foundation of quality, on-time delivery and a commitment to providing personalized and responsive service to our clients. We believe Seventh Wave's scientific depth and expertise in histopathology, pharmacokinetics, investigative toxicology and pharmacology model development perfectly complement BASi's offerings and make this combination an excellent strategic fit."

The companies say highlights of the combination include boosting lead optimization and candidate selection, in vivo toxicology and pharmacology capabilities and Pharmacokinetics.

Downing adds "for both BASi and Seventh Wave Laboratories, our success has been built on a solid foundation of quality, on-time delivery and a commitment to providing personalized and responsive service to our clients. We believe Seventh Wave's scientific depth and expertise in histopathology, pharmacokinetics, investigative toxicology and pharmacology model development perfectly complement BASi's offerings and make this combination an excellent strategic fit."

Seventh Wave President and founder John Sagartz says "over the past 15 years, we've engaged hundreds of clients to facilitate their discovery and development needs. With BASi, we add capabilities that have often been requested, but have not been available through Seventh Wave alone. Through extensive collaborations over the past several years, it is apparent that the two organizations share a focus on delivering quality and timely services. We expect the enhanced capabilities and shared core values to facilitate enriched client interactions and further growth."

You can connect to more details on the acquisition by clicking here and view the filing with the U.S. Securities and Exchange Commission by clicking here.

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