Exhibit 10.3
                                  ------------

                       SECURED CONVERTIBLE REVOLVING NOTE
                       ----------------------------------


$925,000                                                Dated: November 14, 2002
                                                      Maturity Date: May 1, 2003


     FOR  VALUE  RECEIVED,   PharmaKinetics   Laboratories,   Inc.,  a  Maryland
corporation  ("Borrower"),  hereby promises to pay to the order of Bioanalytical
Systems,  Inc., an Indiana  corporation,  or its successors or permitted assigns
("Lender"),  at the  address  specified  in Section 11 herein,  or at such other
place as Lender may direct,  the principal  amount (the  "Principal  Amount") of
Nine Hundred  Twenty-Five  Thousand  United States  Dollars  ($925,000) (or such
lesser amount as shall equal the aggregate  unpaid principal amount of the Loans
(as defined below) made by the Lender to the Borrower  hereunder)  together with
interest thereon at the rate of interest and in the manner set forth herein.

     1. Loans.  This Secured  Revolving  Note (this  "Note")  evidences  certain
advances and extensions of credit made prior to the date hereof and,  subject to
the terms and conditions of this Note, and subject to the  availability  of cash
for such purposes and the restrictions set forth in any agreement between Lender
and its lenders,  to be made after the date hereof by Lender,  in Lender's  sole
discretion,  in favor of Borrower (the "Loans").  The aggregate principal amount
of the Loans shall not exceed the Principal Amount. The Loans shall be evidenced
by this Note and this Note shall  supersede and replace the promissory  notes of
Borrower in favor of Lender dated June 13, 2002,  June 26, 2002,  July 25, 2002,
August 9, 2002,  September  30,  2002,  October 4, 2002,  October  31,  2002 and
October 31, 2002.  Borrower  acknowledges  that all Loans  advanced prior to the
date hereof are accurately  recorded on the schedule  attached hereto (the "Loan
Schedule") and authorizes the Lender to record on the Loan Schedule the date and
amount of each  additional  advance  hereunder  and the date and  amount of each
repayment of principal,  provided, however, that any failure by Lender to record
any such  information  shall not relieve Borrower of its obligation to repay the
outstanding principal amount of such advances, accrued interest thereon, and any
other amount payable with respect  thereto in accordance  with the terms of this
Note.

     2.  Payments.  The entire unpaid  principal  balance of this Note,  and all
accrued  and  unpaid  interest  thereon  and all fees and  charges  incurred  in
connection  therewith,  shall be due and  payable on May 1, 2003 (the  "Maturity
Date").

     3.  Interest.  The  outstanding  principal  balance of this Note shall bear
interest at a rate equal to eight percent (8%) per annum.  Interest shall be due
and payable for the exact number of days principal is  outstanding  and shall be
calculated  on the basis of a three hundred sixty (360) day year. If any payment
required by this Note is not made within five (5) days of the date such  payment
is due, this Note shall bear interest (computed and adjusted in the same manner,
and with the same effect,  as interest  hereon prior to maturity)  after the due
date at a rate per annum  equal to two  percent  (2%)  above the rate that would
otherwise  be in effect,  until paid,  and whether  before or after the entry of
judgment hereon.


<PAGE>

     4. Prepayment. Borrower may prepay all or any portion of the unpaid balance
of this Note,  without  premium or  penalty,  at any time and from time to time;
provided,  however,  that all sums  received  by Lender in  respect of this Note
shall be applied by Lender in the following order (i) to any costs of collection
and  expenses  reimbursable  by  Borrower  to  Lender,  (ii) to the  payment  of
interest, if any, due on the outstanding balance of this Note or so much thereof
as shall from time to time remain  unpaid,  and (iii) to reduce the  outstanding
principal balance of this Note.

     5. Conversion.

     (a) The Lender may, at Lender's option, at any time, and from time to time,
     prior to payment  in full of this  Note,  convert  the  outstanding  unpaid
     balance of this Note and any interest accrued pursuant to paragraph 3 above
     but unpaid (the  "Conversion  Amount"),  in whole or in part (but only into
     full  shares),  into  fully  paid and  non-assessable  shares of the common
     stock,  $.005 par value of Borrower's  common shares (the "Common Shares"),
     at a price of $0.1585 per Common Share,  subject to adjustment  pursuant to
     paragraph 5(b) hereof (the  "Conversion  Rate").  In order to exercise this
     conversion  right, the Lender must send written notice of the conversion to
     Borrower  at  least  2 days  prior  to the  specified  conversion  date  (a
     "Conversion  Notice").  On the conversion date (or as soon thereafter as is
     reasonably practicable), Borrower shall issue to Lender a share certificate
     for the Common Shares acquired upon conversion.

     (b) The Conversion Rate shall be subject to adjustment:  (i) if Borrower at
     any time subdivides (by any stock split,  stock dividend,  recapitalization
     or otherwise) one or more classes of its  outstanding  Common Shares into a
     greater  number of  shares,  in which  case the  Conversion  Rate in effect
     immediately prior to the subdivision will be proportionately  reduced; (ii)
     if Borrower at any time combines (by reverse stock split or otherwise)  one
     or more classes of its  outstanding  Common Shares into a smaller number of
     shares,  in which case the Conversion Rate in effect  immediately  prior to
     that  combination  will be  proportionately  increased;  or (iii)  upon the
     issuance by Borrower of Common Shares, or of rights, options,  warrants, or
     other securities  convertible into Common Shares, at a price per share that
     is less than the Conversion  Rate, in which case the Conversion  Rate shall
     be adjusted so that it is equal to such per share price.

     (c) Notwithstanding any other provisions of this Section 5 to the contrary,
     the  conversion  rights of Lender shall be subject to  compliance  with all
     applicable  federal and state securities laws, and Lender agrees to execute
     all required  agreements  and  documents  required by Borrower to establish
     compliance with such laws.

     (d)  Borrower  shall at all times  reserve and keep  available  and free of
     preemptive rights out of its authorized but unissued Common Shares,  solely
     for the purpose of issuance  upon  conversion  of the Note,  that number of
     Common  Shares as shall  from  time to time be  sufficient  to  effect  the
     conversion  of the Note,  and if at any time the number of  authorized  but
     unissued  Common Shares shall not be sufficient to effect the conversion of
     the Note,  Borrower shall take the corporate  action  necessary to increase
     the number of its authorized  Common Shares to a number sufficient for this
     purpose.



                                     - 2 -
<PAGE>

     (e)  Notwithstanding  anything  in this Note to the  contrary,  the  rights
     granted to Lender by this  Section 5 (the  "Conversion  Rights")  shall not
     become  effective  unless  and until the  registered  owners of 100% of the
     Class  B  Convertible  Preferred  Stock  of the  Borrower  (the  "Preferred
     Holders")  have  delivered  written notice to the Borrower of the waiver of
     the  Preferred  Holders of the  rights  granted  to the  Preferred  Holders
     pursuant to section 5 of the  PharmaKinetics  Laboratories,  Inc.  Articles
     Supplementary  dated  April  17,  2000 in  connection  with the  Conversion
     Rights.

     6. Method of Payment.  All  payments of principal  and  interest  hereunder
shall  be paid by  Borrower  in  United  States  Dollars  by  wire  transfer  of
immediately  available  funds or in such other  manner or at such other place as
Lender shall direct.

     7.  Events  of  Default.  Each of the  following  constitutes  an "Event of
Default" hereunder:

          (a) If the entire outstanding principal balance on this Note, together
     with any accrued and unpaid interest  thereon,  is not paid within five (5)
     days after the Maturity Date;

          (b) If a default  occurs  under the  Security  Agreement  (as  defined
     below) or the  Guaranty (as defined  below) and is not cured within  thirty
     (30) days of the occurrence thereof; or

          (c)  If  Borrower  applies  for,  consents  to or  acquiesces  in  the
     appointment of a trustee,  receiver or other  custodian for Borrower or any
     property  or assets of  Borrower,  or makes a  general  assignment  for the
     benefit of creditors;  or, in the absence of such  application,  consent or
     acquiescence,  a trustee,  receiver or other  custodian  is  appointed  for
     Borrower or for a  substantial  part of the  property or assets of Borrower
     and  is  not  discharged   within  sixty  (60)  days;  or  any  bankruptcy,
     reorganization,  debt  arrangement,  or other case or proceeding  under any
     bankruptcy or insolvency law, or any dissolution or liquidation proceeding,
     is commenced in respect of Borrower,  and if such case or proceeding is not
     commenced by Borrower,  it is consented to or  acquiesced in by Borrower or
     if such case or proceeding is not vacated, stayed or dismissed within sixty
     (60) days of such commencement.

     8. Remedies Upon an Event of Default.  If an Event of Default under Section
7(c) shall occur and be continuing,  the entire unpaid amount of this Note shall
be immediately due and payable without presentment, demand, protest or notice of
any kind,  all of which  Borrower  expressly  waives,  and Lender may thereafter
exercise from time to time any rights, powers and remedies available to it under
all applicable  laws or in equity.  If an Event of Default under Section 7(a) or
Section 7(b) of this Note shall occur and be continuing, then Lender may, at its
option, exercise any one or more of the following rights and remedies:


                                     - 3 -
<PAGE>


          (a) Lender may  declare  the entire  unpaid  amount of this Note to be
     immediately due and payable without presentment,  demand, protest or notice
     of any kind, all of which Borrower expressly waives; and

          (b)  Lender  may  exercise  from time to time any  rights,  powers and
     remedies available to him under all applicable laws or in equity.

In addition,  if any Event of Default has  occurred  Lender shall be entitled to
recover from Borrower all costs and expenses,  including  reasonable  attorneys'
fees and  disbursements  and court  costs,  incurred  in  enforcing  its  rights
hereunder. The rights and remedies of Lender stated herein are cumulative to and
not exclusive of any rights or remedies otherwise available to Lender.

     9. Security  Interest.  This Note and any  extensions  or renewals  hereof,
shall be  secured  by a  Security  Agreement  dated of even date  herewith  (the
"Security  Agreement") which has been duly executed in favor of and delivered by
Borrower to Lender and is entitled to the benefit of a Guaranty made on the date
hereof  (the  "Guaranty")  by  PKLB  Limited  Partnership,  a  Maryland  limited
partnership, in favor of Lender. Reference is made to the Security Agreement and
the Guaranty for a description of the nature and extent of the security, rights,
duties and obligations of Borrower and the Guarantor and the rights of Lender.

     10.  Usury Laws.  It is the  intention  of  Borrower  and Lender to conform
strictly  to all  applicable  usury  laws now or  hereafter  in  force,  and any
interest  payable  under this Note shall be  subject to  reduction  to an amount
which is the maximum legal amount allowed under the applicable usury laws as now
or hereafter construed by the courts having jurisdiction over such matters.  The
aggregate of all interest  (whether  designated  as interest,  service  charges,
points or otherwise)  contracted for, chargeable,  or receivable under this Note
shall  under no  circumstances  exceed  the  maximum  legal rate upon the unpaid
principal  balance  of this Note  remaining  unpaid  from time to time.  If such
interest  does exceed the maximum  legal rate,  it shall be deemed a mistake and
such excess shall be canceled automatically and, if theretofore paid, rebated to
Borrower or credited on the  principal  amount of this Note, or if this Note has
been repaid, then such excess shall be rebated to Borrower.

     11. Assignability. This Note and the rights and obligations hereunder shall
not be assignable or transferable,  by operation of law or otherwise;  provided,
however,  this  Note  may be  assigned  in  whole  or in part by  Lender  to any
individual,  corporation,  partnership,  limited partnership,  limited liability
company or other  entity  controlled  by Lender in  Lender's  sole and  absolute
discretion and without the consent of Borrower.

     12. Notices.  All notices and other  communications  given or made pursuant
hereto  shall be in writing  and shall be deemed to have been duly given or made
as of the date  delivered or sent if delivered  personally or sent by telecopier
or by prepaid overnight carrier to the parties at the following addresses (or at
such other addresses as shall be specified by the parties by like notice):



                                     - 4 -
<PAGE>

                  if to Lender:
                  ------------

                           Bioanalytical Systems, Inc.
                           2701 Kent Avenue
                           Purdue Research Park
                           West Lafayette, Indiana 47906
                           Attention:  Peter T. Kissinger, Ph.D.
                           Facsimile:  (765) 497-1102


                           with a copy to:
                           --------------

                           Ice Miller
                           One American Square Box 82001
                           Indianapolis, Indiana 46282-0002
                           Attention:  Stephen J. Hackman, Esq.
                           Facsimile:  (317) 236-2219


                  If to Borrower:
                  --------------

                           PharmaKinetics Laboratories, Inc.
                           302 West Fayette Street
                           Baltimore, Maryland 21201
                           Attention:  James M. Wilkinson, II, Ph.D.
                           Facsimile:  (410) 385-1957

                           with a copy to:
                           --------------

                           Strasburger & Price, LLP
                           901 Main Street
                           Dallas, Texas 75202-3794
                           Attention:  David K. Meyercord, Esq.
                           Facsimile:  (214) 651-4330


     13. Miscellaneous.

          (a) This Note shall in all  respects be governed by and  construed  in
     accordance  with  the  laws of the  State  of  Indiana  without  regard  to
     conflicts of law principles.

          (b) Borrower waives presentment, notice and demand, notice of protest,
     notice of demand and dishonor, and notice of nonpayment of this Note.



                                     - 5 -
<PAGE>

          (c) Lender shall not (by act, delay,  omission or otherwise) be deemed
     to have waived any of its rights or remedies  hereunder,  or any  provision
     hereof,  unless  such waiver is in writing  signed by Lender,  and any such
     waiver  shall  be  effective  only to the  extent  specifically  set  forth
     therein.  A waiver by Lender of any right or remedy  under this Note on any
     one occasion shall not be construed as a bar to or waiver of any such right
     or remedy which Lender would otherwise have had on any future occasion.

          (d)  Wherever  possible,  each  provision  of this Note which has been
     prohibited by or held invalid under  applicable law shall be ineffective to
     the extent of such  prohibition  or  invalidity,  but such  prohibition  or
     invalidity  shall not  invalidate  the  remainder of such  provision or the
     remaining provisions of this Note.

          (e)  Wherever  in this Note  reference  is made to Borrower or Lender,
     such reference  shall be deemed to include,  as applicable,  a reference to
     their  respective  successors  and  assigns,  legatees,  heirs,  executors,
     administrators and legal representatives,  as applicable,  and, in the case
     of Lender, any future Lender of this Note, in any case as permitted by this
     Note.  Subject to Section 11, the  provisions of this Note shall be binding
     upon and shall inure to the benefit of such successors,  assigns,  Lenders,
     legatees,  heirs, executors,  administrators and legal representatives,  as
     applicable.



                                     - 6 -
<PAGE>


     IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of the
day and year first above written.

                               PHARMAKINETICS LABORATORIES, INC.


                               By:  /s/ James M. Wilkinson
                                    --------------------------------------------

                               Printed:  James M. Wilkinson
                                         ---------------------------------------

                               Its:  President and Chief Executive Officer
                                     -------------------------------------------


Acknowledged:

BIOANALYTICAL SYSTEMS, INC


By: /s/ Peter T. Kissinger
    ---------------------------------

Printed:  Peter T. Kissinger, Ph.D.
          ---------------------------

Its:  Chief Executive Officer
      -------------------------------




                                     - 7 -
<PAGE>

<TABLE>
<CAPTION>
                   SCHEDULE OF AMOUNTS ADVANCED AND PAYMENTS OR PREPAYMENTS


                                                 Principal      Amount of
                        Amount of    Interest     Paid or    Unpaid Principal        Notation
   Date                  Advance       Rate       Prepaid        Balance             Made by
   ----                  -------       ----       -------        -------             -------

<S>                    <C>              <C>     <C>            <C>
June 13, 2002          $100,000.00      8%      $   0.00       $100,000.00

June 26, 2002          $100,000.00      8%      $   0.00       $200,000.00

July 25, 2002          $100,000.00      8%      $   0.00       $300,000.00

August 9, 2002         $ 50,000.00      8%      $   0.00       $350,000.00

September 30,2002      $ 57,857.61      8%      $   0.00       $407,857.61

October 4, 2002        $ 15,000.00      8%      $   0.00       $422,857.61

October 31, 2002       $ 15,608.08      8%      $   0.00       $438,465.69

October 31, 2002       $130,000.00      8%      $   0.00       $568,465.69

</TABLE>