SOURCE: BASi (Bioanalytical Systems, Inc.)

September 14, 2006 16:19 ET

Bioanalytical Systems, Inc. Receives Notice of Non-Compliance With NASDAQ Rules

WEST LAFAYETTE, IN -- (MARKET WIRE) -- September 14, 2006 -- Bioanalytical Systems, Inc. (NASDAQ: BASI) announced today that it notified Nasdaq on September 12, 2006 that the Company failed to comply with filing requirements for continued listing set forth in Marketplace Rule 4350(d)(2)(A), which requires the Company's Audit Committee to have at least three members. As a result of the resignation of Gayl Doster from the Company's Board of Directors and Audit Committee, the Audit Committee was composed of only two members. The Company received a Nasdaq Staff Determination dated September 13, 2006 confirming that it has received the Company's notification and that, consistent with Marketplace Rule 4350(d)(4), the Company would be given until the earlier of the Company's next annual shareholders' meeting (which is expected to be held in February 2007), or September 7, 2007, to cure this noncompliance and avoid delisting. Today, the Company elected Dr. David Crabb to serve on the Audit Committee. The Company intends to submit to Nasdaq the required documentation to demonstrate to Nasdaq that it has regained compliance with Marketplace Rule 4350(d)(2)(A).

About Bioanalytical Systems, Inc.

BASi is a pharmaceutical development company providing contract research services and monitoring instruments to the world's leading drug development companies and medical research organizations. The company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market. Visit http://www.bioanalytical.com for more about BASi.

This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to the development of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the company's filings with the Securities and Exchange Commission.

Contact Information

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