8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



      Date of Report (date of earliest event reported): September 28, 2007


                                  Innovex, Inc.
                 ----------------------------------------------
             (Exact name of Registrant as Specified in its Charter)



                                    Minnesota
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                 (State Or Other Jurisdiction Of Incorporation)



000-13143                                                41-1223933
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(Commission File Number)                    (I.R.S. Employer Identification No.)

3033 Campus Drive, Suite E180
Plymouth, MN                                               55441
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(Address Of Principal Executive Offices)                (Zip Code)



                                 (763) 479-5300
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               Registrant's Telephone Number, Including Area Code


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_| Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))




Items under Sections 1, 3 through 8 are not applicable and therefore omitted.

ITEM 2.02         Results Of Operations And Financial Condition.

The Company hereby furnishes a press release issued on October 1, 2007 and
attached hereto as Exhibit 99.1 disclosing material non-public information
regarding the Company's results of operations for the quarter ending September
29, 2007.

ITEM 2.05         Costs Associated with Exit or Disposal Activities

On September 28, 2007, the board of directors approved a plan to relocate its
corporate office to Thailand during the first quarter of fiscal 2008. As part of
the relocation, most administrative, sales and engineering functions will be
relocated to Asia. The Company will retain key sales and engineering resources
in the U.S. to support its U.S. based customers. In addition, the Company plans
to achieve additional cost savings by discontinuing manufacturing activity at
its Korat, Thailand facility as the Flex Suspension Assembly product reaches its
end of life by the end of the fiscal 2008 second quarter. The restructuring
charge could total up to $4.1 million over the next twelve months. Included in
the total are non-cash asset impairment charges of $0.4 million that will be
recorded in the fiscal 2007 fourth quarter. The remaining expected restructuring
charges will be recorded as the liabilities are incurred over the next twelve
months. The additional cash related charges are expected to include severance
costs of up to $2.6 million and contract termination and asset transfer costs of
up to $1.1 million.

As part of the transition, Terry Dauenhauer, currently Senior Vice President and
Chief Operating Officer, is expected to assume the title of President on or
about December 15, 2007. William P. Murnane will continue to serve as Chairman
of Innovex's board of directors and will continue to be responsible for
Innovex's strategic direction.

The Company expects annual cost savings of over $6.0 million once the transition
is complete with interim cost savings being realized as the transition is
completed. Capital expenditures related to the restructuring plan will be
minimal.

ITEM 2.06         Material Impairments

On September 28, 2007, the Company's board of directors approved a plan to
relocate its corporate office to Thailand and discontinue manufacturing activity
at its Korat, Thailand facility as the Flex Suspension Assembly product reaches
its end of life by the end of the fiscal 2008 second quarter. As a result, based
on management's review of long lived assets as of September 28, 2007, it was
determined that the value of the Company's assets located at its Plymouth,
Minnesota office and manufacturing equipment used for Flex Suspension Assembly
production were impaired. The assets were written down to their estimated
recoverable value as discussed in Item 2.05.

ITEM 5.02         Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers

On September 28, 2007, the Company's board of directors approved a plan to
relocate its corporate office to Thailand As part of the transition, Terry
Dauenhauer, currently Senior Vice President and Chief Operating Officer, is
expected to assume the title of President on or about December 15, 2007. William
P. Murnane will continue to serve as Chairman of Innovex's board of directors
and will continue to be responsible for Innovex's strategic direction.

ITEM 9.01         Financial Statements and Exhibits.

Exhibit No.       Description
- -----------       --------------------------------------------------------------
99.1              Press Release issued October 1, 2007




                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                  INNOVEX, INC.

                                                  By: /s/ Douglas W. Keller
                                                      --------------------------
                                                  Douglas W.  Keller
                                                  Vice President, Finance

Date:   October 1, 2007

EX-99.1

                                                                    Exhibit 99.1


            Innovex Relocates Corporate Office to Thailand

    COO Dauenhauer to Become President & CEO Murnane to Continue as
                         Chairman of the Board

       Company Is Experiencing Strong Sequential Revenue Growth

   Expects Positive EBITDA in First Half of Fiscal 2008 and Positive
            Operating Income in Second Half of Fiscal 2008

    PLYMOUTH, Minn.--(BUSINESS WIRE)--Oct. 1, 2007--Innovex
(Nasdaq:INVX) today announced steps to strengthen its presence in Asia
and significantly lower its cost structure by relocating many of its
corporate business functions to Lamphun, Thailand by January 2008.
William P. Murnane will continue to serve as Chairman of Innovex's
board of directors and will continue to be responsible for Innovex's
strategic direction.

    "Asia is the hub of electronic manufacturing," stated Murnane.
"Innovex derives the vast majority of its revenue from this region and
nearly 100 percent of our customers' factories are located in Asia. In
addition, our banking partners and most of our suppliers are also
based there. Now that we have successfully transferred all of our
manufacturing operations to Thailand, it is only logical that we move
our corporate offices there to be closer to our customers, suppliers,
banking partners and other business partners that are important to our
business. The growth in electronics projected for this region presents
tremendous opportunities for Innovex, and we need to be closer to
these opportunities to fully capitalize on them."

    In connection with the relocation plan, the Company's Board of
Directors plans to appoint Terry Dauenhauer, currently Senior Vice
President and Chief Operating Officer, to the role of President and
Chief Executive Officer on or about December 15, 2007. He will be
responsible for execution of the company's business strategy and will
oversee all day-to-day operations of the company. Mr. Dauenhauer
joined Innovex in 2003 as COO, a position he has held for the past
four years. Prior to joining Innovex, Mr. Dauenhauer spent five years
at Seagate Technology where he held vice president positions
responsible for world wide disk drive product performance and Thailand
manufacturing operations. Prior to working at Seagate, he was
President of Alphatec and President of NS Electronics, both Thailand
based contract manufacturers. Mr. Dauenhauer also held senior
engineering and operations positions at National Semiconductor,
Fairchild Semiconductor and Texas Instruments. He holds a BS in
Electrical Engineering from the University of Illinois and studied
Business Administration at the University of Dallas.

    "We are fortunate to have such a capable and seasoned executive
ready to expand his corporate leadership role at Innovex," commented
Murnane. "Terry has been the driving force behind a strong management
team that has transitioned the company into a high quality, low cost
provider of high technology flexible circuit solutions. Terry is well
qualified and prepared for his new responsibilities."

    As part of the relocation, most administrative, sales and
engineering functions will be relocated to Asia. The Company will
retain key sales and engineering resources in the U.S. to support its
U.S. based customers. In addition, the Company plans to achieve
additional cost savings by discontinuing manufacturing activity at its
Korat, Thailand facility as the Flex Suspension Assembly product
reaches its end of life by the end of the fiscal 2008 second quarter.

    Restructuring charges related to these changes could total up to
$4.0 million over the next six months. Included in the total are
non-cash asset impairment charges of $300,000 related to the
disposition of assets at the Korat location. The remaining expected
restructuring charges of approximately $3.7 million are primarily
comprised of severance of $2.6 million and contract termination and
asset transfer costs of $1.1 million. Most of these charges will be
recorded in the fiscal 2008 first quarter with the remainder recorded
as the liabilities are incurred over the next six months. Capital
expenditures related to the changes will be minimal.

    The Company expects annual cost savings of at least $6.0 million
related to these changes by the end of the fiscal 2008 second quarter.
Virtually all of the savings will be cash related. Approximately 80%
of the savings are expected to reduce general and administrative
expenses while the remaining savings will reduce cost of goods sold.

    The company expects sequential quarterly revenue growth of at
least 20 percent in the fourth quarter of fiscal 2007 and the first
quarter of fiscal 2008 as a result of previously announced new AFC
qualifications and new product ramps. Revenue growth combined with the
additional cost savings generated by relocating corporate offices to
Thailand is expected to allow the company to generate positive EBITDA
during the first half of fiscal 2008 and positive operating income
during the second half of fiscal 2008.

    Conference Call

    Innovex will conduct a conference call for investors beginning at
11:00 a.m. Eastern Time (ET) on Monday, October 1, 2007. During the
conference call, Mr. Murnane and senior managers will discuss the
Company's future.

    To listen to the live conference call, dial 785-830-1916 and ask
for conference ID "Innovex." A replay of the call will be available
12:00 p.m. ET on Monday, October 1, 2007 through 11:59 p.m. ET on
Wednesday, October 3, 2007. To access the replay, dial 402-220-1347
and ask for conference ID "Innovex."

    About Innovex, Inc.

    Innovex, Inc. is a leading manufacturer of high-density flexible
circuit-based electronic interconnect solutions. Innovex's products
enable the miniaturization and increasing functionality of high
technology electronic devices. Applications for Innovex's products
include data storage devices such as hard disk drives and tape drives,
liquid crystal displays for mobile telecommunication devices, flat
panel displays and printers. Innovex is known worldwide for its
advanced technology and world class manufacturing.

    Safe Harbor for Forward Looking Statements

    Except for historical information contained herein, the matters
discussed in this press release are forward looking statements that
involve risks and uncertainties, including the timely availability and
acceptance of new products, the impact of restructuring charges,
difficulties in transitioning corporate business functions to
Thailand, changes in product mix, the impact of competitive products
and pricing, effect of world-wide economic conditions on flexible
circuit demand, changes in manufacturing efficiencies, fluctuations in
financial results and other risks detailed from time to time in the
Company's reports filed with the Securities and Exchange Commission.


    CONTACT: INNOVEX, INC.
             Douglas W. Keller, VP - Finance, 763-383-4000
             Facsimile: 763-383-4091
             http://www.innovexinc.com