WEST LAFAYETTE, IN -- (MARKET WIRE) -- May 21, 2007 -- Bioanalytical Systems, Inc. (NASDAQ: BASI) announced today that it has extended the employment contract of its President & CEO, Richard M. Shepperd, through December 31, 2009. Mr. Shepperd has served as President & CEO on an Interim basis since October 2006. In connection with his new contract, BASi also granted Mr. Shepperd an option to purchase up to 275,000 shares at $7.10 per share. The option is contingent upon shareholder approval, and will vest in three installments through December 1, 2009. The Company has agreed to provide Mr. Shepperd with certain cash bonus payments if the shareholders do not approve the option.
