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Bioanalytical Systems names new chief executive

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West Lafayette-based Bioanalytical Systems Inc. has promoted Anthony S. Chilton to CEO following the retirement of top executive Richard M. Shepperd earlier this year.

Chilton, the contract research firm’s chief operating officer, has been interim president since his predecessor stepped down in January. The 53-year-old also got that job on a permanent basis.

The company announced Chilton’s appointment Thursday, citing his 30-plus years of experience as a scientist and executive at life sciences enterprises in England, Canada and the United States.

Located in Purdue University’s Research Park, Bioanalytical Systems was founded in 1974 by Pete and Candace Kissinger. Over the years, it grew into one of Indiana’s largest life science firms. The couple led the company until August 2007, when they stepped down from their management posts. He had been CEO; she was vice president of research. The Kissingers remain Bioanalytical Systems’ largest shareholders, with a 26-percent stake.

Bioanalytical Systems hired Shepperd to cut costs, and he ended up presiding over one of the roughest patches in the firm’s history. Annual revenue declined from $45.2 million in 2007 to $31.8 million in 2009. And the modest $926,000 Bioanalytical Systems booked as profit in 2007 was followed by two years of losses: $1.5 million in 2008 and $5.5 million in 2009.

It reported a $1.4 million first-quarter loss this year.

As a result, Bioanalytical Systems’ stock price has tumbled. Before the recession began, the company’s shares traded on NASDAQ for more than $8 each. The stock closed at $1.10 on Thursday.

At its peak, Bioanalytical Systems had 375 employees. According to the firm's 2009 annual report, headcount had shrunk to 257.

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  • About time
    Why did it take the board of Directors so long to see that Dick Shepard, Ed Chait and Mike Cox were poster boys for arrogance, greed and total incompetence. The betrayal of investors and employees places them on par with John Thain and Bernie Madoff. Having a borad include an independent member who can raise hard questions sure was needed and maybe has saved BASi

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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