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<SEC-DOCUMENT>0000927946-06-000144.txt : 20060928
<SEC-HEADER>0000927946-06-000144.hdr.sgml : 20060928
<ACCEPTANCE-DATETIME>20060928165837
ACCESSION NUMBER:		0000927946-06-000144
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060925
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060928
DATE AS OF CHANGE:		20060928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOANALYTICAL SYSTEMS INC
		CENTRAL INDEX KEY:			0000720154
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				351345024
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23357
		FILM NUMBER:		061114591

	BUSINESS ADDRESS:	
		STREET 1:		2701 KENT AVE
		CITY:			WEST LAFAYETT
		STATE:			IN
		ZIP:			47906-1382
		BUSINESS PHONE:		3174634527

	MAIL ADDRESS:	
		STREET 1:		2701 KENT AVENUE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>bas8k.htm
<DESCRIPTION>BIOANALYTICAL SYSTEMS, INC. 8K
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM 8-K</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>CURRENT REPORT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported):  September 25, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><font SIZE=2>BIOANALYTICAL SYSTEMS, INC.</font></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr style='height:68.05pt'>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Indiana</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction of incorporation or organization)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>0-23357 </font></u><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:6.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission File Number)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>35-1345024</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer Identification No.)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr style='height:41.6pt'>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2701 KENT AVENUE</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>WEST LAFAYETTE, INDIANA</font></U></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>47906-1382</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Registrant's telephone number, including area code: (765) 463-4527</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>


<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive
Agreement.</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>See Item 5.02 below for a description of the material terms of the compensation arrangements for Richard M. Shepperd in connection with his appointment as President and Chief Executive Officer of the Company, on an interim basis.  Except as set forth below, the Company has no material relationship with Mr. Shepperd.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
5.02.&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers.</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>
On September 25, 2006, Peter T. Kissinger, Ph.D. resigned as President and Chief
Executive Officer of Bioanalytical Systems, Inc. (the "Company") in order to
accept the positions of Chairman of the Board and Chief Scientific Officer of
the Company. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>
On the same date, Richard M. Shepperd was elected President and Chief Executive
Officer of the Company, on an interim basis, and is expected to serve for five
months. Mr. Shepperd, 66, served for the past two years with Able Laboratories,
Inc., of Cranbury, New Jersey ("Able") as its Chief Restructuring Officer and
Director of Restructuring. Able was formerly a generic pharmaceutical
manufacturing company which filed a voluntary petition for bankruptcy on July
18, 2005 following the loss of FDA approval for its product line. Mr. Shepperd's
duties for Able included exercising executive authority over all operational and
restructuring activities of Able, which included advising its Board, creditors
committee and courts regarding strategies to maintain and realize the most value
from the company's assets. Able was not affiliated with the Company. For the
three years prior to serving with Able, Mr. Shepperd served as an independent
management consultant for various businesses. In that capacity, he advised these
businesses on developing strategies to improve their financial health and
maximize the assets of those organizations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Mr. Shepperd will be entitled to receive a base salary of $35,000 per month, plus a bonus to be paid quarterly equal to 10% of the Company's annual EBITDA, which amount is capped at $150,000 per quarter, and reimbursement for reasonable out-of-pocket expenses Mr. Shepperd incurs in connection with his employment.  In addition, Mr. Shepperd will be eligible for a discretionary bonus to be paid to Mr. Shepperd at the end of his service as the Interim President and Chief Executive Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On September 27, 2006, the Company issued the attached press release announcing, among other things, these changes in management.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Item 5.03.&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>On September 25, 2006, the Company&#146;s Bylaws were amended to create the position of Chairman of the Board and provide the duties of that position.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>



<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</FONT></P>


<table border="0" cellspacing=0 cellpadding=0 width="213" style='border-collapse:collapse; '>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="117" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>


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<table border="0" cellspacing=0 cellpadding=0 width="213" style='border-collapse:collapse; '>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="117" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="168" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td width="72" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="503" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>3.01</font></p> </td>
        <td width="359" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment No. 1 to Amended and Restated Bylaws</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="416" style='border-collapse:collapse; '>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>99.01</font></p> </td>
        <td width="272" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Press release dated September 27, 2006</font></p> </td> </tr></table>
</div>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >
        <td width="257" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="382" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Bioanalytical Systems, Inc. </font></p> </td> </tr>
    <tr >
        <td width="257" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="382" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="257" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="382" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="257" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="382" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="257" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:  September 28, 2006</font></p> </td>
        <td width="382" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: /s/ Michael R. Cox<HR>
Michael R. Cox<BR>
Vice President, Finance and Chief Financial Officer</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<u><b><font size=2>Exhibit Index</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="237" style='border-collapse:collapse; '>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Exhibit No.</font></u></p> </td>
        <td width="93" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</U></font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="136" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.01</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;&nbsp;Amendment No. 1 to Amended and Restated Bylaws</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="433" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="140" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99.01</font></p> </td>
        <td width="275" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release dated September 27, 2006</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-3.(I)
<SEQUENCE>2
<FILENAME>exhibit301.htm
<DESCRIPTION>EXHIBIT 3.01
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AMENDMENT NO. 1</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>TO</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AMENDED AND RESTATED BYLAWS </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>OF </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>BIOANALYTICAL SYSTEMS, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><font size=2>(Adopted September 25, 2006)</font></i></p>
<BR>


<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.5in;text-align:left;'><font size=2>The Amended and Restated Bylaws of Bioanalytical Systems, Inc. (the "Corporation") adopted on August 18, 2005 (the "Bylaws") are hereby amended as follows:</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.5in;text-align:left;'><font size=2>1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Article IV, Section 4.1 of the  Bylaws is hereby amended to read in its entirety as follows:</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>Section 4.1.  </font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall have a Chairman of the Board, a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers as the Board of Directors or the President designates.  The Board of Directors or the President may designate one or more Vice Presidents to serve as Executive Vice Presidents or Senior Vice Presidents.  The same individual may simultaneously hold more than one office.</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.5in;text-align:left;'><font size=2>2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Article IV, Section 4.6 of the  Bylaws is hereby amended to read in its entirety as follows:</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:0.5in; text-indent:0.54in;text-align:left;'><font size=2>Section 4.6.  </font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<u>President</u>.&nbsp;&nbsp;&nbsp;&nbsp;The President is the chief executive officer of the Corporation and is responsible for managing and supervising the affairs and personnel of the Corporation, subject to the general control of the Board of Directors.  The President, or proxies appointed by the President, may vote shares of other corporations owned by the Corporation.  The President has authority to execute, with the Secretary (as required), powers of attorney appointing other corporations, partnerships, entities or individuals as the agents of the Corporation, subject to law, the Articles of Incorporation and these Bylaws.  The President has such other powers and duties as the Board of Directors may from time to time prescribe.</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.5in;text-align:left;'><font size=2>3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The following new Section is added at the end of Article IV of the Bylaws as follows:</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>Section&nbsp;4.11.&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Chairman of the Board</font></u><i><font size=2>.</font></i><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board shall preside at all meetings of the shareholders and of the Board of Directors and shall have such other duties, powers and responsibilities as are assigned to the Chairman of the Board by the Board of Directors from time to time.  </font></p>

<p style=' margin-bottom:0pt; margin-top:5pt; margin-left:0.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-99
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<FILENAME>exhibit9901.htm
<DESCRIPTION>EXHIBIT 99.01
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>For more information:</font></b><font size=2>  Peter T. Kissinger</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>765.463.4527</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>pkissinger@bioanalytical.com</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>BASi Announces Reorganization of Operations: Adds Interim Chief Executive Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>WEST LAFAYETTE, IN, September 27, 2006 &#151;  BASi (Bioanalytical Systems, Inc.) (Nasdaq: BASI) announced today that it has reorganized US operations as part of its ongoing plan to reduce expenses, improve customer service and increase profitability. In addition to the realignment of operational and administrative responsibilities to increase efficiency, the Company has implemented a workforce reduction aimed at reducing costs. Through attrition and layoffs that occurred during the last 60 days, including those announced today, the Company has reduced its workforce by 12%. The Company anticipates that the headcount reductions will result in cost savings of more than $2.0 million in fiscal 2007. A charge of approximately $500,000 associated with employee severance will be taken in the fiscal year ending September 30, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Commenting on the reorganization, Edward Chait, Executive Vice President, said, &#147;With our new direction in Business Development we have focused on increasing revenues from diverse customers to reduce our concentration risk. With this reorganization we expect improved efficiency in delivering our products and services that will enhance our progress to profitability.&#148; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>As part of the reorganization, Chairman and CEO Peter Kissinger announced that Richard M. Shepperd has been elected to serve as interim CEO to help BASi add rigorous business discipline to company operations.&nbsp;Mr. Shepperd is an experienced, customer-focused, results-oriented executive with a proven track record in the pharmaceutical industry. Kissinger noted, &#147;Dick has been helping us with planning for fiscal 2007, and we were fortunate to persuade him to stay on for the implementation.&nbsp;I am a scientist and an entrepreneur.&nbsp;As such, I will continue as Chairman of the Board and Chief Scientific Officer, but let there be no doubt about it, Mr. Shepperd will be running and refining operations with our team of officers. In this competitive climate we need experienced help to drive profitability.&nbsp;Dick Shepperd is the right person to help us reorganize and think in new ways.&#148; &nbsp;&nbsp; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>BASi is a pharmaceutical development company providing contract research services and monitoring instruments to the world&#146;s leading drug development companies. The Company focuses on developing innovative services and products that increase efficiency and reduce costs associated with taking new drugs to market. Visit www.bioanalytical.com for more about BASi.</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><i><font size=1>
This release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to,<BR>
risks and uncertainties related to the development of products and services, changes
 in technology, industry standards and regulatory<BR> standards, and various market and operating risks
detailed in the company&#146;s filings with the Securities and Exchange
Commission.</font></i></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><font size=2>#  #  #  #  #</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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