Inotiv Inc Stock Price, News & Analysis

Inotiv, Inc. (NASDAQ: NOTV) will release its fiscal 2021 second quarter financial results on May 5, 2021, after market close. A conference call to discuss these results will follow at 4:30 p.m. Eastern Time. Interested participants can join via phone or through a live webcast on the company's website. Inotiv specializes in nonclinical and analytical drug discovery services, supporting both emerging and leading pharmaceutical companies. The release also includes a forward-looking statement warning of various market risks and uncertainties.

Inotiv, Inc. (NASDAQ:NOTV) announced the successful closing of an underwritten public offering of 3,044,117 common shares, including 397,058 shares from an overallotment option, priced at $17.00 per share. The offering garnered approximately $51.7 million in gross proceeds before expenses. The shares were sold under an effective shelf registration statement, and the offering was managed by Colliers Securities LLC. Inotiv specializes in contract research services for pharmaceutical companies, aiming to enhance efficiency and reduce drug development costs.

Inotiv, Inc. (NASDAQ:NOTV) announced a public offering of 2,647,059 common shares priced at $17.00 each, aiming to raise approximately $45 million before expenses. The offering is set to close around April 23, 2021. Proceeds will primarily fund the $40.5 million acquisition of Bolder BioPATH, Inc. and HistoTox Labs, Inc. Additionally, part of the funds may finance a $4.7 million purchase of a facility in St. Louis. The underwriter has a 30-day option to buy an extra 397,058 shares. Colliers Securities LLC is the bookrunner for this offering.

Inotiv, Inc. (NASDAQ:NOTV) announced plans for an underwritten public offering of its common shares. The offering includes a 30-day option for the underwriter to purchase an additional 15% of the shares. The company aims to use the proceeds, along with existing resources, for acquiring Bolder BioPATH and HistoTox Labs, totaling approximately $40.5 million, and potentially for a St. Louis facility purchase of $4.7 million, contingent on financing. There is no assurance on the offering's completion or terms due to market conditions.

Inotiv, Inc. (NASDAQ:NOTV) announced preliminary unaudited financial results for Q2 and the first half of fiscal 2021. Expected total revenues are between $18.5 million and $18.8 million for Q2, reflecting a 16.6% increase year-over-year, and between $36.3 million and $36.6 million for the six months, a 26.1% increase. The services business reported a book-to-bill ratio of approximately 1.5x for Q2 and 1.3x for the six months, with a backlog of $53.9 million as of March 31, 2021, up from $45.3 million in December 2020.

Inotiv, Inc. (NASDAQ:NOTV) plans to expand its St. Louis facility with an investment of approximately $4.7 million. This expansion aims to enhance services related to its upcoming acquisitions of HistoTox Labs, Inc. and Bolder BioPATH, Inc. The new facility will encompass 50,000 square feet, increasing laboratory and office capabilities. This move supports Inotiv's strategy to offer comprehensive drug discovery services, specifically in pharmacology and toxicology. The expansion is set to bolster client engagement and operational capacity.

Inotiv, Inc. (NASDAQ:NOTV) has signed a merger agreement with Bolder BioPATH, a company specializing in pharmacology and pathology services. This acquisition is valued at $47 million, involving $18.5 million in cash and shares. Bolder BioPATH reported $13 million in revenue for 2020 and has experienced over 20% annual growth prior to the pandemic. The merger will enhance Inotiv's capabilities in drug discovery and provide cross-selling opportunities, while all existing Bolder BioPATH employees are expected to be retained post-transaction, which is anticipated to close within 120 days.

Inotiv, Inc. (NASDAQ:NOTV) announced its agreement to acquire HistoTox Labs, Inc. for $22 million in cash. HistoTox Labs, specializing in histopathology services, generated revenues of $9.1 million in 2020, with a strong growth rate exceeding 30% over the past three years. This acquisition aims to enhance Inotiv’s service offerings, particularly in cell and gene therapy, leveraging HistoTox Labs' advanced capabilities and employee expertise. The transaction is expected to close within 120 days, pending financing and customary closing conditions.

Inotiv (NASDAQ:NOTV) has partnered with PhoenixBio Co., Ltd. to enhance research services at its U.S. labs using the proprietary PXB-mouse® model. This collaboration is set to advance translational research for hepatic diseases and gene therapies, leveraging Inotiv's expertise with liver-humanized models.

Kelly Long, Inotiv's Senior Director, emphasized the importance of this partnership in providing advanced evaluation methods for new therapies. The PXB-mouse® is widely used for drug metabolism and pharmacokinetics, indicating a robust demand for its applications.