Inotiv, Inc. Completes Equity Offering for Net Proceeds of Approximately $24.0 Million

WEST LAFAYETTE, Ind., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced that it had raised approximately $24.0 million in net proceeds from its underwritten public offering of 6,000,000 common shares at a price to the public of $4.25 per share. All the shares were offered and sold by the Company. The Company closed on the sale of the initial 6,000,000 common shares on December 19, 2024.

The Company intends to use the net proceeds from this offering for working capital, capital expenditures and other general corporate purposes.

Robert Leasure Jr., President and Chief Executive Officer, commented, “We believe this additional liquidity represents another important step in strengthening our balance sheet and enhancing our financial flexibility. It positions us to continue investing in our strategic initiatives, focused on improving Inotiv’s customer experience and delivering value for our shareholders. Adding this to the operational improvements we implemented, and previously discussed through 2023 and 2024, we anticipate a stronger 2025 delivering for our customers, employees, suppliers and shareholders.”

Lake Street Capital Markets, LLC is acting as the sole book-running manager for the proposed offering. We have granted to the underwriter an option to purchase up to 900,000 additional common shares at the public offering price, less the underwriting discount. This option is exercisable for a period of 30 days which ends January 17, 2025.

A shelf registration statement on Form S-3 relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on August 31, 2022. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by visiting the SEC’s website at www.sec.gov, or from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612) 326-1305.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About the Company

Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world.

Forward-Looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our expectations about the use of proceeds from the public offering.  These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including those factors detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 4, 2024, as well as other filings we make with the Securities and Exchange Commission.