Inotiv, a leading contract research organization specializing in nonclinical and analytical drug discovery and development services, announced that the Company has completed the purchase of its previously leased St. Louis facility for approximately $4.7 million.
In early June 2021, the Company intends to commence construction on approximately 20,000 square feet of unfinished shell space at the 50,000 square foot facility, expanding the Company’s capacity to serve its client base with more comprehensive and integrated service offerings. The expansion will include laboratories for increased drug metabolism and pharmacokinetics technology and capability, as well as a new cell and molecular biology suite capable of delivering in vitro solutions in pharmacology and toxicology. The Company will fund the purchase of the facility and expansion costs by proceeds from the public offering that the Company completed in April 2021, and a new $4.8 million term loan from First Internet Bank.
Robert Leasure, Jr., Inotiv’s President and Chief Executive Officer, said, “The purchase and expansion of the St. Louis facility should enable Inotiv to further capitalize on exciting new growth opportunities deriving not only from expanded capabilities in St. Louis, but also from our recent acquisitions of Bolder BioPATH, Inc. and HistoTox Labs, Inc. This strategic expansion is also designed to extend Inotiv’s reach into earlier stages of drug discovery, driving increased engagement of our pharmacology and toxicology operations and histopathology services.”
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