WEST LAFAYETTE, Ind., July 15, 2021 (GLOBE NEWSWIRE) --Inotiv, Inc. (NASDAQ: NOTV) (the “Company”, “We”, “Our” or “Inotiv”), a leading contract research organization specializing in nonclinical and bioanalytical drug discovery and development services, today announced that the Company has purchased the physical assets of a Tennessee-based laboratory services provider that ceased operations. The assets, which include lab instrumentation, stock consumables and chemicals, lab benchwork, and office furniture, were acquired for approximately $1.3 million, a substantial discount to the Company’s estimate of fair market value.
The acquired assets will accelerate the Company’s expansion of its regulated (GLP/GCLP) laboratory services and solutions for biopharmaceutical companies pursuing cell and gene therapy (CGT) as well as traditional biotherapeutics and immunotherapies.
Kenneth Swart, Ph.D., Vice President, Bioanalytical Sciences commented, “The state-of-the-art cell and molecular biology instrumentation we acquired will significantly accelerate the completion of a new regulated laboratory operation that we plan to build in support of our broadening biotherapeutics client base. We currently are exploring locations for the operation as well as building the scientific and business team that will execute on Inotiv’s expanded biotherapeutics initiative.”
This investment in laboratory assets coincides with recent announcements of expanded drug discovery laboratory and in-life services at Inotiv’s St. Louis-based operation and recently acquired Boulder, CO, sites (formerly Bolder BioPATH, Inc. and HistoTox Labs, Inc.), the footprints of which effectively extended the Company’s breadth of DMPK, cell & molecular biology and pharmacology offerings for clients pursuing traditional small molecule therapies and novel cell and gene therapies.
“This opportunistic purchase of laboratory instrumentation and supporting equipment represents not only a key step towards our further expansion into biotherapeutics drug development, but also signals our commitment to establishing Inotiv as a comprehensive partnered research organization to our broad and expanding biopharmaceutical client base,” said Greg Beattie, Chief Operating Officer at Inotiv. “We are committed to creating a distinct presence in the market supporting companies developing novel cell and gene therapies.”
About the Company
Inotiv, Inc. is a leading contract research organization specializing in nonclinical and analytical drug discovery and development services. The Company focuses on developing innovative services supporting its clients’ discovery and development objectives for improved decision-making and accelerated goal attainment. The Company’s products focus on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit inotivco.com for more information about the Company.
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 and regulatory standards, the timing of acquisitions and the successful closing, integration and business and financial impact thereof, the impact of the COVID-19 pandemic on the economy, demand for our services and products and our operations, including the measures taken by governmental authorities to address the pandemic, which may precipitate or exacerbate other risks and/or uncertainties and various other market and operating risks, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission.
Company Contact
Bioanalytical Systems, Inc., dba Inotiv
Beth A. Taylor, Chief Financial Officer
Phone: 765.497.8381
btaylor@inotivco.com
Investor Relations
The Equity Group Inc.
Kalle Ahl, CFA
(212) 836-9614
kahl@equityny.com
Devin Sullivan
(212) 836-9608
dsullivan@equityny.com
View original content: https://www.globenewswire.com/news-release/2021/07/15/2263569/0/en/Inotiv-Acquires-Laboratory-Instrumentation-for-Discovery-and-Development-of-Novel-Therapies.html
