WEST LAFAYETTE, Ind., July 07, 2022 (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 and research models and related products and services, today announced that the Company has completed the purchase of Nashville, Tennessee based Protypia, Inc. (“Protypia”). Protypia is an emerging protein/peptide bioanalytical company offering high-quality, targeted tissue-based protein and peptide mass spectrometry.
“The addition of Protypia’s quantitative tissue-based large molecule bioanalytical capabilities to Inotiv’s already established mass spectrometry-based bioanalytical offerings will enable clients to translate their clinical findings back into their discovery and preclinical pipelines and will be highly complementary to the GLP biomarker capabilities Inotiv is currently building at their Rockville, MD, facility,” said Daniel Liebler, Protypia’s Founder, President and CEO. “In addition, biopsy-based protein characterization has the potential to segment patient populations for inclusion in clinical trials studying specific mechanisms of action of novel therapeutics. Such segmentation of patients will enhance the probability of success for molecules entering late stage clinical development.”
John Sagartz, Inotiv’s Chief Strategy Officer, added, “This highly-specialized technology and know-how significantly enhances our ability to support clients in the development of safe and effective medicines, particularly in the areas of immuno-oncology and cell and gene therapy. The ability to precisely quantify protein levels in tissues, including paraffin-embedded tissues, opens exciting new avenues for scientists to explore as they investigate disease pathways.”
Transaction consideration totaled approximately $11.0 million, consisting of approximately $9.5 million in cash, Inotiv common shares having a value of approximately $0.9 million, and $0.6 million in unsecured subordinated promissory notes.
The company expects to retain all existing Protypia employees and maintain the operations in Nashville, TN.
Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical R&D projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotivco.com/.
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, governmental regulations, inspections and investigations, the impact of site closures and consolidations, expansion and related efforts, and various other market and operating risks, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission.
Bioanalytical Systems, Inc., dba Inotiv
Beth A. Taylor, Chief Financial Officer
The Equity Group Inc.
Kalle Ahl, CFA