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Kissingers receive $400,000 severance

October 3, 2007
Bioanalytical Systems Inc. disclosed yesterday that it is taking a $400,000 charge due to the settlement agreement reached with founder Peter Kissinger and his wife, Candice.

Peter Kissinger early last month stepped down as chairman and chief scientific officer of the West Lafayette contract research company. A year earlier he resigned as CEO. He remains chairman emeritus.

Also in early September, Candice Kissinger resigned her board seat and titles as vice president, secretary and director of research.

Yesterday's disclosure follows an announcement Oct. 1 by the company that the couple had resigned the board positions.

Bioanalytical Systems' stock has seen little movement, trading at about $7 a share since late 2004-a period when major stock indexes have seen major run-ups.

The company laid off workers and reduced office space in an effort to reverse losses sustained a year ago. In its third fiscal quarter ended June 30, the company posted $449,000 in profit.
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