Inotiv, Inc. — Director's Dealing 2008

Mar 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BIOANALYTICAL SYSTEMS INC (BASI)
CIK: 0000720154
Period of Report: 2008-03-20

Reporting Person: Shepperd Richard M (Director, President & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-20	Employee Stock Option (Right to Buy)	$7.10	A	275000	Acquired	2017-05-18	Common Stock (275000)	Direct

Footnotes

F1: The option grant was approved by a committee of the board of directors of Bioanalytical Systems, Inc. ("BASi") on May 18, 2007, subject to shareholder approval. BASi's shareholders approved the option grant at the annual shareholders' meeting on March 20, 2008.

F2: Options are excercisable in three installments. The first installment of 75,000 shares vests at 5:00 p.m., West Lafayette, Indiana time on the date that the shareholders approved the option grant, May 20, 2008. The second and third installments of 100,000 shares each vest on December 1, 2008 and December 1, 2009.