Bioanalytical Systems (BASI) Announces Sale of its Baltimore Clinical Pharmacology Research Unit to Algorithme Pharma Holdings

June 30, 2008 4:23 PM EDT

Bioanalytical Systems, Inc. (NASDAQ: BASI) has sold its Baltimore Clinical Pharmacology Research Unit ("CPRU") to a subsidiary of Algorithme Pharma Holdings, Inc. 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 CPRU in exchange for a cash payment of $850,000 at the closing and the assumption of certain liabilities related to the CPRU, including the lease held by BASi for the facility housing the CPRU.

Algorithme 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.

Bioanalytical Systems, Inc. provides contract development services and research equipment to global pharmaceutical, medical research and biotechnology companies and institutions.[SM]

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