BASi and Pharmasset forge new partnership

By Michael Stones

- Last updated on GMT

Related tags Basi Pharmacology

An agreement to provide exclusive toxicology services, pharmaceutical analysis and bioanalytical services are at the heart of a new partnership signed by life sciences company Bioanalytical Systems (BASi) and clinical-stage pharmaceutical company Pharmasset.

BASi, based in the Purdue Research Park, Indiana, has signed a Preferred Provider Agreement (PPA) with Pharmasset, located in Princeton, New Jersey.

Anthony Chilton, BASi president and chief executive officer, said: "The agreement between Pharmasset and BASi is an important strategy and commitment for both companies. It represents a significant step in BASi's strategy to work closely with our partners in the pharmaceutical industry.

Oral therapeutics

Pharmasset's main focus is the development of oral therapeutics for the treatment of hepatitis C virus (HCV). Its secondary focus is the development of Racivir for the treatment of human immunodeficiency virus (HIV). Research and development efforts focus on nucleoside/tide analogs, a class of compounds which act as alternative substrates for the viral polymerase, thus inhibiting viral replication.

Pharmaceutical development company BASi provides contract research services and research instruments and supplies to the world's leading drug development companies and medical research organizations.

The company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market.

Fiscal 2010

Meanwhile, in December, BASi reported revenues 13.1% down in the fourth quarter of fiscal 2010 ended September 30, 2010.

Revenues were $7.4m compared with $8.5m for the same period of fiscal 2009. The net loss for the fourth quarter of fiscal 2010 was $0.3m.

But operating losses were reduced. BASi attributed smaller quarterly and full year operating losses to cost-cutting measures, including lay offs, implemented in the second quarter.

Revenue decreased 9.5% in fiscal 2010 to $28.8m compared with $31.8 million in fiscal 2009.

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