Bioanalytical Systems Inc. ("we", "us", "our", or the "Company") is filing this Amendment on Form 10-K/A (this "Amendment") to amend our Annual Report on Form 10-K for the fiscal year ended September 30, 2012, originally filed with the Securities and Exchange Commission (the "SEC") on December 31, 2012 (the "Original Filing"). The Amendment restates our consolidated financial statements and related dosclosures for the fiscal years ended September 30, 2012 and 2011. This Amendment also amends certain other Items in the Original Filing, as listed in "Items Amended in this Amendment" below, as a result of the restatements. Details of the impact of these restatements are discussed below and in Note 3 to the accompanying consolidated financial statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.

Restatement Background

In August 2013, we announced a delay in filing our Form 10-Q for the three and nine months ended June 30, 2013 until management resolved a complex accounting issue related to the accounting treatment for our outstanding warrants. In the same month, we announced that investors should no longer rely upon our previously issued consolidated financial statements and the related independent auditors' reports for the fiscal years ended September 30, 2012 and 2011, or the quarterly financial statements for the first two quarters of fiscal 2013, or any earnings releases relating to these periods, because of errors in such financial statements.

As a result of the identification of such errors, we have undertaken a comprehensive review of our previously filed consolidated financial statements. We concluded that the warrants issued in connection with our public offering in May 2011 were incorrectly accounted for as equity and the fair value of those warrants should have been recorded as a liability. As a result, we have restated our previously reported consolidated financial statements for the years ended September 30, 2012 and 2011, as well as the condensed consolidated financial statements for the three and six months ended December 31, 2012 and March 31, 2013.

Internal Control Consideration

Our management has determined that there was a control deficiency in our internal control over financial reporting that constitutes a material weakness, as discussed in Part II - Item 9A of this Amendment. A material weakness is a control deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim condensed consolidated financial statements will not be prevented or detected on a timely basis. For a discussion of management's consideration of our disclosure controls and procedures, internal control over financial reporting and the material weakness identified, see Part II - Item 9A included in this Amendment.

Items Amended in This Amendment

For the convenience of the reader, this Amendment sets forth the Original Filing, in its entirety, as modified and superseded where necessary to reflect the restatement. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement:

Part I - Item 1A. Risk Factors;

Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations;

Part II - Item 8. Financial Statements and Supplementary Data; and

Part II - Item 9A. Controls and Procedures.

In accordance with applicable SEC rules, this Amendment includes new certifications required by Rule 13a-14 under the Securities and Exchange Act of 1934, as amended ("Exchange Act"), dated as of the filing date of this Amendment.

We have not updated items in this Amendment to reflect events occurring after the Original Filing date, other than those associated with the restatement of our consolidated financial statements.