Inotiv, Inc. — Director's Dealing 2011

May 23, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: BIOANALYTICAL SYSTEMS INC (BASI)
CIK: 0000720154
Period of Report: 2011-05-11

Reporting Person: Costa Brava Partnership III LP (10% Owner)
Reporting Person: Roark, Rearden & Hamot LLC (10% Owner)
Reporting Person: HAMOT SETH W (10% Owner)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
6% Series A Convertible Preferred Stock	$2.00		Common Stock (500000)		Direct
Class A Warrants to Purchase Common Stock	$2.00	2016-05-11	Common Stock (250000)		Direct
Class B Warrants to Purchase Common Stock	$2.00	2012-05-11	Common Stock (250000)		Direct

Footnotes

F1: The securities reported as directly beneficially owned by Costa Brava Partnership III L.P. may be deemed to be indirectly beneficially owned by Roark, Rearden & Hamot, LLC and Seth W. Hamot. Seth W. Hamot is the President and sole member of Roark, Rearden & Hamot, LLC, which is the sole general partner of Costa Brava Partnership III L.P. Pursuant to Instruction 5(b)(iv) of Form 3, Roark, Rearden & Hamot, LLC and Seth W. Hamot have elected to report as indirectly beneficially owned the entire number of securities owned by Costa Brava Partnership III L.P., but each of them disclaims beneficial ownership of any securities, and any proceeds thereof, that exceed its or his pecuniary interest therein and/or that are not actually distributed to it or him.

F2: There is no expiration date applicable to the 6% Series A Convertible Preferred Stock.

F3: Subject to adjustment in connection with a feature of the 6% Series A Convertible Preferred Stock that allows for the acceleration of interest payments, payable in Common Stock, at the election of the shareholder before May 11, 2014.