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Inotiv, Inc. (NASDAQ:NOTV) (the "Company" or "Inotiv"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today provided the following business updates:
Robert Leasure Jr., President and Chief Executive Officer, commented, "We have substantially completed the Hillcrest, U.K. expansion and improvements, which allows for two new customers with long term contracts, to begin occupying their new space at this facility and for the transfer of our Blackthorn, U.K. operations into Hillcrest. The Hillcrest project has been another significant part of our transformation plan which we initiated in 2022. The transformation has included multiple site closures, significant investments in remaining facilities to support growth, and included investments in infrastructure, animal welfare and safety improvements.
"We are also pleased OBRC agreed to further extend the maturity date of the OBRC payable note. Inotiv will continue to evaluate opportunities to optimize our balance sheet.
"We remain focused on near-term growth initiatives, which include the ramp up of sales and marketing efforts, and the development and growth of new services. Further, we are delighted to be reaching the conclusion of major site consolidation and integration projects, with their expected efficiency gains, plus we continue to invest in animal welfare and safety initiatives. We look forward to realizing the long-term benefits of our investments as part of our efforts to transform the company into a leading global mid-sized CRO."
Posted In: NOTV
