Exhibit 14

BIOANALYTICAL SYSTEMS, INC.CODE OF BUSINESS CONDUCT AND ETHICSAdopted by the Board of Directors
November 13, 2003
Amended November 18, 2005

# INTRODUCTION

The Bioanalytical
Systems, Inc. (the Company) Code of Business Conduct and Ethics (Code of
Ethics) is designed to deter wrongdoing and promote compliance with legal
requirements and our standards of business conduct. All Company directors, officers and
employees are expected to read and understand this Code of Ethics, uphold these standards
in day-to-day activities, comply with all applicable policies and procedures, and ensure
that all agents and contractors are aware of, understand and adhere to these standards.

Because the principles
described in this Code of Ethics are general in nature, you should also review all
applicable Company policies and procedures for more specific instruction, and contact the
Human Resources Department if you have any questions. Nothing in this Code of Ethics, in
any company policies and procedures, or in other related communications (verbal or
written) creates or implies an employment contract or term of employment.

Please sign the
acknowledgment form at the end of this Code of Ethics and return the form to the Human
Resources Department indicating that you have received, read, understand and agree to
comply with the Code of Ethics. The signed acknowledgment form will be located in your
personnel file. Periodically, or as there are substantive changes to the Code of Ethics,
you may be asked to sign an acknowledgment indicating your continued understanding of the
Code of Ethics.

# COMPLIANCE IS
EVERYONES BUSINESS

It is the
Companys policy to comply with and require its directors, officers and employees to
comply with this Code of Ethics, including all applicable legal and regulatory
requirements relating to the matters contained in this Code of Ethics, and to avoid and
require its directors, officers and employees to avoid violations relating to such legal
and regulatory requirements, including without limitation, the following:

| | o | Wire
Fraud
| | - | ----------

| | o | Mail
Fraud
| | - | ----------

| | o | Bank
Fraud
| | - | ----------

| | o | Securities
Fraud
| | - | ----------------

| | o | Fraud
Against Shareholders
| | - | --------------------------

| | o | Questionable
Accounting
| | - | -----------------------

| | o | Internal
Controls and Procedures
| | - | --------------------------------

| | o | Auditing
Matters (both financial and with respect to all quality assurance systems)
| | - | -----------------------------------------------------------------------------------

| | o | Dishonest
or Unethical Conduct
| | - | ------------------------------

| | o | Conflicts
of Interest
| | - | ---------------------

| | o | Improper
Disclosures in SEC Reports
| | - | -----------------------------------

| | o | Improper
or Inadequate Public Disclosures
| | - | -----------------------------------------

| | o | Integrity
of Scientific Data
| | - | ----------------------------

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 1 of 7
|------------- | --------------------------------------- | -----------

The Companys
internal operating controls and corporate reporting and disclosure procedures are intended
to prevent, deter and remedy any violation of this Code of Ethics, including but not
limited to applicable laws and regulations. Even the best systems of controls and
procedures, however, cannot provide absolute safeguards against such violations. The
Company has a responsibility to investigate and report to appropriate governmental
authorities, as required, any violations of applicable legal and regulatory requirements
relating to corporate reporting and disclosure, accounting and auditing controls and
procedures, securities compliance and other matters pertaining to fraud against
shareholders, and the actions taken by the Company to remedy such violations.

Reporting
Alleged Violations or Concerns

| | If
a director, officer or employee reasonably believes that the Company or any its employees
or others, acting on behalf of the Company, have violated this Code of Ethics, the
director, officer or employee is required to immediately report or cause to be reported
any such potential violation to the following individual:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The designated representative of the Company's Audit Committee
(the "Audit Committee Representative")
Chairman of the Audit Committee
William E. Baitinger
701 Sugarhill Drive
West Lafayette, IN 47906
(765) 743-1023
Email: auditcommittee@bioanalytical.com

| | If
the complaint relates to the Audit Committee Representative or there is a potential
conflict of interest, the complaint should be submitted to the Companys Chief
Financial Officer.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | A
complaint may be submitted anonymously by mail or may be delivered confidentially (e.g.,
in person, by internal mail, by regular mail or by electronic mail). If the complaint is
written and sent via the mail, the envelope should be marked as confidential and
private. Although a violation report may be oral, written reports are preferred to
assure a clear understanding of the situation. In either case, the complaint should be
factual rather than speculative or conclusory, and should contain as much specific
information as possible to allow for proper assessment. The complaint describing an
alleged violation or concern should be candid and set forth all of the information that
the employee knows regarding the allegation or concern. In addition, all complaints must
contain sufficient corroborating information to support the commencement of an
investigation. The Chief Financial Officer or the Audit Committee Representative may, in
its reasonable discretion, determine not to commence an investigation if a complaint
contains only unspecified or broad allegations of wrongdoing without appropriate
informational support.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Investigation of
Complaints

| | Upon
receipt of the complaint by any of the Chief Financial Officer or the Audit Committee
Representative (the Investigating Officer), the Investigating Officer shall
make a determination, in his or her reasonable judgment, whether a reasonable basis
exists for commencing an investigation into the complaint. To assist in making this
determination, the Investigating Officer may conduct an initial, informal inquiry. Other
parties may become involved in the inquiry based on their oversight responsibility or
expertise.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 2 of 7
|------------- | --------------------------------------- | -----------

| | To
the extent possible, all complaints will be handled in a confidential manner. In no event
will information concerning the complaint be released to persons without specific need to
know about it. Investigation of complaints will be prompt. The determination by the
Investigating Officer will be communicated to the person who brought the complaint
(unless anonymous) to the Audit Committee and to relevant management, as appropriate.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Upon
making a determination to recommend a formal investigation, the Investigating Officer
will promptly notify the Audit Committee. The Audit Committee will then determine, in its
reasonable judgment, whether a reasonable basis exists for commencing a formal
investigation into the complaint. If the Audit Committee makes such a determination, then
it shall instruct the Investigating Officer to proceed with a formal investigation. The
Investigating Officer shall oversee all investigations under the authority of the Audit
Committee. The Audit Committee shall ensure coordination of each investigation and shall
have overall responsibility for implementation of this policy. The Audit Committee shall
have the authority to retain outside legal or accounting expertise in any investigation
as it deems necessary to conduct the investigation in accordance with its charter and
this policy.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At
each meeting of the Audit Committee, the Chief Financial Officer and the Audit Committee
Representative shall prepare a report to the Audit Committee stating the nature of each
complaint submitted during the quarter immediately preceding the meeting of the Audit
Committee, whether or not the complaint resulted in the commencement of a formal
investigation, and the status of each investigation.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Corrective Action

| | The
Audit Committee, with the input of the Investigating Officer and Company management, if
requested, will determine the validity of a complaint and any corrective action, as
appropriate. It is the responsibility of the Audit Committee to report to Company
management any noncompliance with legal and regulatory requirements and to assure that
management takes corrective action including, where appropriate, reporting any violation
to the relevant federal, state or regulatory authorities. Directors, officers and
employees that are found to have violated any laws, governmental regulations or Company
policies will face appropriate, case-specific disciplinary action, which may include
demotion or discharge.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

No Retaliation
for Submitting Complaints, Providing Information or Participating in Investigation

| | Neither
the Company nor any of its employees will retaliate or discriminate against any employee
who: (a) lawfully provides information regarding any conduct which the employee
reasonably believes constitutes a violation of this Code of Ethics to a federal
regulatory or law enforcement agency, to any member or committee of Congress, or to any
person with supervisory authority over the employee or the authority to investigate
misconduct relating to potential violations by the Company or its employees; (b)
participates in or otherwise assists with a proceeding relating to potential violations
by the Company or its employees; or (c) submits a complaint pursuant to this Code of
Ethics regarding any conduct which the employee reasonably believes constitutes a
violation of this Code of Ethics, even if after investigation the Company determines that
there has not been a violation. For certain violations of this Code of Ethics, an
employee who believes that his or her rights against retaliation or discrimination have
been violated may have the right to file a complaint with the Department of Labor within
ninety (90) days of the alleged violation. If the Department of Labor has not issued a
final decision within one hundred eighty (180) days of the filing of the complaint, the
employee will have the right to file suit against the Company in a federal court with
proper jurisdiction.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 3 of 7
|------------- | --------------------------------------- | -----------

Retention of
Complaints and Documents.

| | All
complaints submitted by an employee regarding an alleged violation or concern will remain
confidential to the extent practicable. In addition, all written statements, along with
the results of any investigations relating thereto, shall be retained by the Company for
a minimum of six (6) years. It is illegal and against the Companys policy to
destroy any corporate audit records that may be subject to or related an investigation by
the Company or any federal, state or regulatory body.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# YOUR
RESPONSIBILITIES TO THE COMPANY AND ITS SHAREHOLDERS

General
Standards of Conduct.

| | The
Company expects all directors, officers, employees, agents and contractors to exercise
good judgment to ensure the safety and welfare of employees, agents and contractors and
to maintain a cooperative, efficient, positive, harmonious and productive work
environment and business organization. These standards apply while working on our
premises, at offsite locations where our business is being conducted, at
Company-sponsored business and social events, or at any other place where you are a
representative of the Company. Employees, agents or contractors who engage in misconduct
or whose performance is unsatisfactory may be subject to corrective action, up to and
including termination.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Applicable Laws.

| | All
Company directors, officers, employees, agents and contractors must comply with all
applicable laws, regulations, rules and regulatory orders. Company employees located
outside of the United States must comply with laws, regulations, rules and regulatory
orders of the United States, including the Foreign Corrupt Practices Act and the U.S.
Export Control Act, in addition to applicable local laws. Each employee, agent and
contractor must acquire appropriate knowledge of the requirements relating to his or her
duties sufficient to enable him or her to recognize potential dangers and to know when to
seek advice on specific Company policies and procedures. Violations of laws, regulations,
rules and orders may subject the employee, agent or contractor to individual criminal or
civil liability, as well as to discipline by the Company. Such individual violations may
also subject the Company to civil or criminal liability or the loss of business.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Obligations
Under Securities Laws-Insider Trading.

| | Obligations
under the U.S. securities laws apply to everyone. In the normal course of business,
officers, directors, employees, agents, contractors and consultants of the Company may
come into possession of significant, sensitive information. This information is the
property of the Company  you have been entrusted with it. You may not profit from
it by buying or selling securities yourself, or passing on the information to others to
enable them to profit or for them to profit on your behalf. The Company has adopted a
separate policy concerning insider trading and tipping. The purpose of this
policy is both to inform you of your legal responsibilities and to make clear to you that
the misuse of sensitive information is contrary to Company policy and U.S. securities
laws.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Conflicts of
Interest.

| | Each of us has a responsibility to the Company, our shareholders and each other.
Although this duty does not prevent us from engaging in personal transactions
and investments, it does demand that we avoid situations where a conflict of
interest might occur or appear to occur. The Company is subject to scrutiny from
many different individuals and organizations. We should always strive to avoid
even the appearance of impropriety. A conflict of interest exists where the
interests or benefits of one person or entity conflict with the interests or
benefits of the Company. If you think you have been, are, or may become subject
to such a conflict, report the situation to the Audit Committee Representative.
The prompt reporting of such a situation will be considered favorably.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 4 of 7
|------------- | --------------------------------------- | -----------

Scientific
Integrity

| | Medical
science is our business, and the highest standards of scientific integrity are essential
to our continued success. The U.S. Food and Drug Administrations Good Laboratory
Practices, Current Good Manufacturing Practices, and Current Good Clinical Practices, as
further explained in our related Standard Operating Procedures (SOPs), set forth many of
our obligations. Employees are expected to adhere to the SOPs and applicable federal
regulations, and to comport themselves to meet the highest standards of scientific
integrity. Full cooperation with quality assurance audits is similarly an essential
obligation of every employee.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Senior Officers.

| | Senior
Officers (including the Chief Executive Officer, the Chief Financial Officer and the
Controller) hold an important and elevated role in the corporate governance of the
Company. The Senior Officers are vested with both the responsibility and authority to
protect, balance, and preserve the interests of all of the enterprise stakeholders,
including shareholders, clients, employees, suppliers, and citizens of the communities in
which business is conducted. Senior Officers fulfill this responsibility by prescribing
and enforcing the policies and procedures employed in the operation of the enterprises
financial organization, and by demonstrating the following:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1. |  | Honest and Ethical Conduct. Senior Officers will exhibit and promote the
               highest standards of honest and ethical conduct through the establishment and
               operation of policies and procedures that:
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a.
                    Encourage and support professional integrity in all aspects of the financial
                    organization, by eliminating inhibitions and barriers to responsible behavior,
                    such as coercion, fear of reprisal, or alienation from the financial
                    organization or the enterprise itself.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b.
                    Prohibit and eliminate the appearance or occurrence of conflicts between what is
                    in the best interest of the enterprise and what could result in material
                    personal gain for a member of the financial organization, including Senior
                    Officers.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c.
                    Provide a mechanism for members of the finance organization to inform senior
                    management of deviations in practice from policies and procedures governing
                    honest and ethical behavior.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d.
                    Demonstrate their personal support for such policies and procedures through
                    periodic communication reinforcing these ethical standards throughout the
                    finance organization.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Financial Records and Periodic Reports. Senior Officers will use best
               efforts to establish and manage the transaction and reporting systems and
               procedures to ensure that:
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 5 of 7
|------------- | --------------------------------------- | -----------

| | a.
                    Business transactions are properly authorized and completely and accurately
                    recorded on the Companys books and records in accordance with Generally
                    Accepted Accounting Principles (GAAP) and established company financial policy.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b.
                    The retention or proper disposal of Company records shall be in accordance with
                    established financial policies and applicable legal and regulatory requirements.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c.
                    Periodic financial communications and reports will be delivered in a manner that
                    facilitates the highest degree of clarity of content and meaning so that readers
                    and users will quickly and accurately determine their significance and
                    consequence.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | Compliance with Applicable Laws, Rules and Regulations. Senior Officers
               will establish and maintain mechanisms to:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------

| | a.
 Educate members of the finance organization about any federal, state or local
                    statute, regulation or administrative procedure that affects the
operation of                     the finance organization and the enterprise generally.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b.
                    Monitor the compliance of the finance organization with any applicable federal,
                    state or local statute, regulation or administrative rule.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c.
                    Identify, report and correct in a swift and certain manner, any detected
                    deviations from applicable federal, state or local statute or regulation.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# WAIVERS

Any waiver of any
provision of this Code of Ethics for a member of the Companys Board of Directors or
an executive officer must be approved in writing by the Companys Board of Directors
and promptly disclosed along with the reason for the waiver. Any waiver of any provision
of this Code of Ethics with respect any other employee, agent or contractor must be
approved in writing by the Companys Chief Executive Officer.

# DISCIPLINARY
ACTIONS

The matters covered in
this Code of Ethics are of the utmost importance to the Company, its shareholders and its
business partners, and are essential to the Companys ability to conduct its business
in accordance with its stated values. We expect all of our employees, agents, contractors
and consultants to adhere to these rules in carrying out their duties for the Company.

The Company will take
appropriate action against any employee, agent, contractor or consultant whose actions are
found to violate these policies or any other policies of the Company. Disciplinary actions
may include immediate termination of employment or business relationship at the
Companys sole discretion. Where the Company has suffered a loss, it may pursue its
remedies against the individuals or entities responsible. Where laws have been violated,
the Company will cooperate fully with the appropriate authorities. You should contact the
Companys Human Resources Department for more detailed information.

Adhering to this Code
of Ethics is a condition of employment. The Company must have the opportunity to
investigate and remedy any alleged violations or employee concerns, and each employee must
ensure that the Company has an opportunity to undertake such an investigation. This policy
does not constitute a contractual commitment of the Company. This policy does not change
the at-will employment status of an employee. Specifically, employment is for an
indefinite period of time and is terminable at anytime with or without cause.

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 6 of 7
|------------- | --------------------------------------- | -----------

# ACKNOWLEDGMENT OF RECEIPT OF BUSINESS CONDUCT AND ETHICS

I have received and
read the Companys Code of Business Conduct and Ethics. I understand the standards
and policies contained in the Company Code of Business Conduct and Ethics and understand
that there may be additional policies or laws specific to my job. I further agree to
comply with the Company Code of Business Conduct and Ethics.

If I have questions
concerning the meaning or application of the Company Code of Business Conduct and Ethics,
any Company policies, or the legal and regulatory requirements applicable to my job, I
know I can consult my manager, the Human Resources Department or the Chief Financial
Officer, knowing that my questions or reports to these sources will be maintained in
confidence.

Date
Employee Name (Printed)
Employee Signature

|November 2005 | BASi Employee Handbook  Code of Ethics | Page 7 of 7
|------------- | --------------------------------------- | -----------