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): April 30, 2008

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


                                    Minnesota
                       ----------------------------------
                 (State Or Other Jurisdiction Of Incorporation)


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


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



                                 (763) 383-4000
                       ----------------------------------
               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, 2, 3, 4, and 6-8 are not applicable and therefore
omitted.


ITEM 5.02       Departure of Directors or Certain Officers; Election of
                Directors; Appointment of Certain Officers; Compensatory
                Arrangements of Certain Officers.

     On April 30, 2008, Innovex, Inc. (the "Company") entered into a Part-Time
Employment Agreement with Douglas Keller (the "Agreement"), attached hereto as
Exhibit 10.1. Pursuant to the Employment Agreement, Mr. Keller will cease
serving as the Company's Vice President, Finance and Chief Accounting Officer
and as its principal accounting officer as of April 30, 2008. The termination of
Mr. Keller's employment is related to the Company's transfer of its corporate
offices to Thailand. As of the result of the termination of his employment, Mr.
Keller will be entitled to the post-termination benefits under the Employment
Agreement dated October 1, 1995, as amended December 18, 1998 and March 4, 2003
(the "Employment Agreement") between Mr. Keller and the Company.

     Further, under the Agreement, effective May 1, 2008, Mr. Keller will become
a part-time employee of the Company on an at-will basis at an hourly rate of
$110 or $150, depending on when the services are rendered. Mr. Keller will
report to the Company's Chief Financial Officer and assist in the transfer of
the corporate offices to Thailand and other tasks as assigned by the Company's
Chief Executive Officer and Chief Financial Officer. Mr. Keller will not be
eligible for any Company benefits or be eligible for any equity based
compensation under the Agreement. The Agreement supersedes the Employment
Agreement, except that certain obligations of Mr. Keller relating to assignment
of inventions, confidential information and non-competition will continue.

     In addition, Keith Foerster, Innovex's Senior Vice President, Development
and Sales, will also terminate his employment with the Company as of April 30,
2008 under the terms of Amendment No. 1 to his Employment Agreement with the
Company.


ITEM 9.01       Financial Statements And Exhibits.

Exhibit No.     Description
- -----------     ----------------------------------------------------------------
10.1            Part Time Employment Agreement dated April 30, 2008 by and
                between Innovex, Inc. and Douglas Keller



                                    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/ Randy Acres
                                             -----------------------------------
                                        Randy Acres
                                        Senior Vice President and Chief
                                         Financial Officer


Date: May 1, 2008

EX-10.1

                         Part Time Employment Agreement
                                 April 30, 2008

Through this Agreement, Innovex Inc. and Mr. Douglas Keller (Doug) wish to
document their mutual agreement regarding Doug's part time employment with
Innovex, Inc. (the "Company"):

     o    Doug's full time position as Vice President Finance has been
          eliminated; therefore Doug is eligible for the termination benefits
          outlined in his employment agreement dated October 01, 1995 and
          amendments dated December 18, 1998 and March 04, 2003 (the "Employment
          Agreement").

     o    The effective date of the termination of Doug's employment as Vice
          President Finance under the Employment Agreement is mutually agreed to
          be April 30, 2008. Further, Doug's status as "executive officer" of
          Innovex and as its principal accounting officer will cease as of April
          30, 2008.

     o    Effective May 01, 2008 Doug will be a part-time employee of the
          Company, with wages payable on an hourly basis as described below.
          Effective May 1, 2008, the Employment Agreement will become null and
          void and will be superseded by this Agreement, provided that Sections
          5, 6, 7 and 8 of the Employment Agreement remain in full force and
          effect.

     o    Effective May 1, 2008, Doug's employment with the Company is at-will
          where either Doug or Innovex may terminate the employment relationship
          for any reason whatsoever, with or without cause, and at any time. No
          section of Innovex' employee handbook or this Agreement is meant to be
          construed, nor should be construed, as establishing anything other
          than an employment-at-will relationship, nor does it limit the
          discretion of the Company..

     o    As a part-time employee of the Company, Doug is not eligible for any
          Company benefits, including medical, dental, life, flexible spending
          account, 401(k), AD&D, short-term or long-term disability coverage.
          Doug will not be entitled to participate in any bonus or other
          incentive plan. Doug will not be eligible to receive stock options or
          other equity-based compensation.

     o    For services performed from May 1, 2008 to June 30, 2008 Doug's
          compensation as a part-time employee will be $110.00 per hour, payable
          with the normal payroll cycle.

     o    For services performed after June 30, 2008, Doug's compensation as a
          part-time employee will be $150.00 per hour, payable with the normal
          payroll cycle.

     o    If Doug is able to acquire a full-time position with another company
          he commits to make reasonable efforts to allocate up to one to two
          weeks of his working time for the 3QFY08 close and SEC reporting, and
          two to three weeks time for the 4QFY08 fiscal year end close and SEC
          reporting, if required and requested by the Company.

     o    Doug will have the choice of working out of his home or the designated
          Company's office at 3033 Campus Drive, Suite E180 Plymouth, MN.

     o    Doug will be reimbursed for any business expenses directly associated
          with performing his duties as a part time employee, including travel
          related expenses such as mileage.

     o    Innovex will provide the necessary office equipment for Doug to
          perform his duties including a notebook computer, printer, fax, copier
          and scanner as required.

     o    Doug will also be provided ongoing access to the Innovex Email and IT
          system.

     o    Doug will report to Innovex's CFO.

     o    Doug's duties as a part-time employee will be assigned by the Chief
          Financial Officer or the Chief Executive Officer. Such duties may
          include agreed upon business and financial related projects and
          reports, including assisting with quarterly financial close procedures
          and SEC reporting requirements of the Company.

     o    Doug will provide preliminary time estimates when an assignment is
          agreed to, but will track actual time required and will be paid based
          on actual time incurred.

     o    Time and reimbursable business expenses will be reported biweekly so
          that Doug can be paid along with the normal payroll cycle. Actual
          dates to submit time reports will be coordinated with Human Resources
          and scheduled to allow approval from the CFO or CEO of such time
          reports.

     o    Doug recognizes and agrees that since he will continue to have access
          to material, non-public information he will continue to be bound by
          the Innovex Procedures and Guidelines Governing Insider Trading And
          Tipping as if he were a reporting person under Section 16 of the
          Exchange Act.


         Agreed:                                     Innovex, Inc.

         /s/Douglas Keller                           /s/ Terry M. Dauenahuer
         ------------------------------              -----------------------
         Douglas Keller                              Terry M. Dauenhauer
                                                     President & CEO