WEST LAFAYETTE, Ind., April 19, 2021 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ:NOTV) (the “Company”, “We”, “Our” or “Inotiv”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services, today announced the Company’s plans to expand its St. Louis operations to provide more comprehensive and integrated services, especially in support of the Company’s previously announced planned acquisitions of HistoTox Labs, Inc. and Bolder BioPATH, Inc. The scientific and business teams at the St. Louis location focus on delivering exceptional client experiences with service offerings including pharmacology, toxicology, drug metabolism & pharmacokinetics (“DMPK”), histology, pathology, and cell & molecular biology.
Inotiv plans to exercise the Company’s option to buy the St. Louis facility for approximately $4.7 million and complete an expansion contingent on the Company receiving financing and obtaining related business incentives. The 50,000 square foot facility is comprised of 30,000 square feet of finished laboratory and office space and 20,000 square feet of unfinished shell space. The expansion would finish the shell space, adding office and laboratory capacity to accommodate the Company’s growing client base and diversity of service offerings.
Stewart B. Jacobson, DVM, DACVP, Sr. Vice President, Pathology and St. Louis site leader, commented, “Our expertise enables us to provide thought partnership and laboratory services to pharmaceutical companies as they discover and develop new medicines. We offer a full range of services for clients that seek a consultative laboratory partner. The planned strategic expansion of our DMPK, cell & molecular biology, and investigative pathology laboratory footprint will extend Inotiv’s reach into earlier stages of drug discovery, ultimately increasing engagement of our pharmacology and toxicology operations and histopathology services.”
The expansion will include laboratories for increased DMPK technology and capability, as well as a new cell and molecular biology suite capable of delivering in vitro solutions in pharmacology and toxicology.
“The therapeutic landscape is broadening daily, and versatile laboratory solutions powered by innovation and multidisciplinary teams continue to be a strength of Inotiv’s approach to tailor solutions for clients pursuing small molecule and biotherapeutic discovery,” said Scott Daniels, Ph.D., Sr. Vice President, DMPK.
“Expansion of our operations is part of a strategic investment campaign we initiated at the beginning of 2020 to broaden our laboratory-based solutions and services. The expansion will also offer additional space for continued growth and opportunities from the Bolder BioPATH, Inc. and HistoTox Labs, Inc. acquisitions,” said Robert Leasure, Jr., Company President and Chief Executive Officer. “Investments to date have also included upgrading our technology in mass spectrometry, automation, and flow cytometry technology, as well as recruiting high-level scientific leadership—all of which we believe will directly benefit our clients in their ultimate goal of delivering traditional therapeutics and novel biotherapies to patients.”
About the Company
Inotiv, Inc., is a pharmaceutical development company providing contract research services and monitoring instruments to emerging pharmaceutical companies and the world's leading drug development companies and medical research organizations. 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/2021/04/19/2212240/0/en/Inotiv-Inc-Announces-Plan-to-Expand-the-Company-s-Internal-Operations.html
