Ground Broken on New Toxicology Facility

Ground Broken on New Toxicology Facility

Bioanalytical Systems, Inc. (NASDAQ:BASI) announced that the company broke ground 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.

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.

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