WEST LAFAYETTE, IN--(Marketwire - August 25, 2010) - Bioanalytical Systems, Inc. (NASDAQ: BASI) announces that Alberto Hidalgo has joined the Company as Vice President - Business Development and Marketing effective August 18, 2010. Mr. Hidalgo has over 15 years of senior-level sales experience in both domestic and international markets including 13 years in the CRO Market. Most recently he consulted with companies to develop and implement new sales and marketing strategies. Prior to that he served as Area Director of Sales with Covance Central Laboratory Services and held various positions including Director of Sales, for Eli Lilly Export, Puerto Rico. He has a strong history of developing new business relationships and sales strategies resulting in exceptional sales growth.
On August 18, 2010, the Company granted Mr. Hidalgo a non-qualified stock option to purchase 30,000 shares of common stock of the Company as an inducement to his employment. The exercise price of the option is $1.00 per share. The option becomes exercisable in four equal annual installments beginning on August 18, 2012. The option vesting schedule is subject to acceleration upon a change of control. The number of shares exercisable by the option is subject to a proportional adjustment upon a capitalization event. The option will expire on August 18, 2020, unless terminated sooner based upon Mr. Hidalgo's cessation of service with the Company.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract research services and research instruments and supplies 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 www.BASInc.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 changes in the market and demand for our products and services, the development, marketing and sales 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.
