Bioanalytical Systems (BASi) broke ground last week on the expansion of its GLP toxicology facility on its 52-acre campus in Mt. Vernon, Indiana, near Evansville. First Internet Bank provided $5.87 million in financing to support the expansion.
Set to open by the end of 2019, the expansion effort will more than double the facility’s current capacity for the development of protein-based therapeutics.
“It’s really exciting to see shovels hit the dirt bringing us closer to this much-anticipated, state-of-the-art expansion,” said Philip Downing, senior vice president of preclinical services at BASi. “
On September 28, 2018, BASi entered into an amendment to its credit agreement with First Internet Bank to finance the expansion. This amendment provides BASi a construction draw loan in a principal amount not to exceed $4.445 million and an equipment draw loan in a principal amount not to exceed $1.42925 million.
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.
