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OMB
APPROVAL
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OMB
Number: 3235-0145
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Expires: February
28, 2009
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Estimated
average burden
Hours
per
response 14.5
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CUSIP No.
09056N103
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1
Name of Reporting Persons
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Healthinvest Partners
AB
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2 Check
the Appropriate Box if a Member of a Group (See
Instructions)
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(a) [ ]
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(b) [X]
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3
SEC Use Only
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4
Source of Funds (See Instructions)
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WC
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5
Check if Disclosure of
Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)[ ]
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6
Citizen or Place of Organization
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Sweden
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Number
of 7 Sole Voting
Power 756,893
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Shares
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Beneficially 8 Shared Voting
Power 0
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Owned
by
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Each 9 Sole Dispositive
Power 756,893
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Reporting
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Person With: 10 Shared Dispositive
Power 0
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11 Aggregate
Amount Beneficially Owned by Each Reporting Person
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756,893
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12 Check
if the Aggregate Amount in Row (11) Excludes Certain
Shares
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(See
Instructions) [ ]
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13 Percent
of Class Represented by Amount in Row (11)
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5.3%
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14 Type
of Reporting Person (See Instructions)
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IA, HC
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CUSIP No.
09056N103
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------------------------------------------------
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1
Name of Reporting Persons
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HealthInvest Global Long/Short
Fund
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2
Check the Appropriate Box if a Member of a Group (See
Instructions)
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(a) [ ]
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(b) [X]
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------------------------------------------------------------------------------------------------------------------------------
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3
SEC Use Only
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------------------------------------------------------------------------------------------------------------------------------
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4
Source of Funds (See Instructions)
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WC
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5
Check if Disclosure of
Legal Proceedings is Required Pursuant to Items 2(d) or
2(e)[ ]
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6
Citizen or Place of Organization
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Sweden
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Number
of 7 Sole Voting
Power 0
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------------------------------------------------------------------------------------------------------------------------------
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Shares
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Beneficially 8 Shared Voting
Power 756,893
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------------------------------------------------------------------------------------------------------------------------------
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Owned
by
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Each 9 Sole Dispositive
Power 0
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------------------------------------------------------------------------------------------------------------------------------
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Reporting
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Person With: 10 Shared Dispositive
Power 756,893
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------------------------------------------------------------------------------------------------------------------------------
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11 Aggregate
Amount Beneficially Owned by Each Reporting Person
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756,893
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12 Check
if the Aggregate Amount in Row (11) Excludes Certain
Shares
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(See
Instructions) [ ]
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------------------------------------------------------------------------------------------------------------------------------
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13 Percent
of Class Represented by Amount in Row (11)
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5.3%
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14 Type
of Reporting Person (See Instructions)
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OO
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Item
1 Security and
Issuer
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The
class of equity to which this statement relates is the common stock,
$0.00025 par value (the “Common Stock”), of Bio-Imaging Technologies, Inc.
(the “Company”), which has its principal executive offices
at:
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826
Newtown-Yardley Road
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Newtown,
Pennsylvania 18940-1721
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Item
2 Identity
and Background
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The
names of the persons filing this statement are Healthinvest Partners AB, a
Swedish corporation, and HealthInvest Global Long/Short Fund, a specialty
fund organized pursuant to the Swedish Mutual Funds Act (each, a
“Reporting Person”).
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Healthinvest
Partners AB and HealthInvest Global Long/Short Fund are engaged in the
business of investment management. Healthinvest Partners AB is
the investment advisor and control person of Healthinvest Global
Long/Short Fund, a security holder of the issuer.
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The
address of the principal office of each of the Reporting Persons is
Arsenalsgatan 4, SE-111 47 Stockholm, Sweden.
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During
the last five years, neither of the Reporting Persons has been (a)
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (b) a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
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Item
3 Source
and Amount of Funds or Other Consideration
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The
Reporting Persons acquired the 756,893 shares of Common Stock to which
this Statement relates with investment capital held by HealthInvest Global
Long/Short Fund as follows:
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(a) HealthInvest
Global Long/Short Fund acquired 756,893 shares of Common Stock on the open
market between November 6, 2006 and November 10, 2008 for a total
consideration of $3,700,832.
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The
above amount of total consideration includes any commissions incurred in
making the investments. The source of these funds was the
investment capital of the Reporting Persons, which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of
business.
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Item
4 Purpose of
Transaction
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All
of the shares of Common Stock reported herein were acquired for investment
purposes, and were originally acquired without the purpose or effect of
changing or influencing control of the Company. The Reporting
Persons review on a continuing basis the investment in the Company. Based
on such review and depending on the price and availability of the
Company's securities, the Reporting Persons may acquire, or cause to be
acquired, additional securities of the Company, in the open market or
otherwise, dispose of, or cause to be disposed of, securities of the
Company, in the open market or otherwise, at any time, or formulate other
purposes, plans or proposals regarding the Company or any of its
securities, to the extent deemed advisable in light of general investment
and policies of the Reporting Persons, the Company's business, financial
condition and operating results, general market and industry conditions or
other factors.
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As
part of the ongoing evaluation of this investment and investment
alternatives, the Reporting Persons and their affiliates may consider any
or all of the following: (a) the acquisition by any person of additional
securities of the Company, or the disposition of securities of the
Company; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its
subsidiaries; (c) a sale or transfer of a material amount of assets of the
Company or any of its subsidiaries; (d) any change in the present board of
directors or management of the Company, including any plans or proposals
to change the number or term of directors or to fill any existing
vacancies on the board of directors; (e) any material change in the
present capitalization or dividend policy of the Company; (f) any other
material change in the Company's business or corporate structure; (g)
changes in the Company's charter or bylaws or other actions which may
impede the acquisition of control of the Company by any person; (h)
causing a class of securities of the Company to be delisted from a
national securities exchange or to cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association; (i) causing a class of equity securities of the Company to
become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any
action similar to any of those enumerated above.
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In
addition, from time to time, the Reporting Persons and their affiliates
may hold discussions with the Company regarding the matters described in
subparagraphs (a) through (j) above.
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On
November 12, 2008, Anders Hallberg, the Managing Director and CEO of
Healthinvest Partners AB, sent a letter to the Chairman of the Board of
Directors of the Company and the Company’s Chief Executive Officer
expressing, among other things, displeasure with the Company’s
deteriorating shareholder value during 2008 and, in particular, the
Company’s continued operation of the poorly performing CapMed
division. Mr. Hallberg urged the Board and management of the Company
to dispose of the CapMed division through divestiture or
shutdown. A copy of such letter is attached hereto as Exhibit
99.2 and incorporated by reference herein.
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Item
5 Interest in
Securities of the Issuer
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(a) As
of the close of business on November 11, 2008, Healthinvest Partners AB
and HealthInvest Global Long/Short Fund were the beneficial owners of
756,893 shares of Common Stock, which constitute in the aggregate 5.3% of
the outstanding shares of Common Stock of the Company, based on 14,341,403
shares of Common Stock outstanding as reported on the Form 10-Q
for the quarterly period ending September 30, 2008 filed by the
Company.
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(b) Healthinvest
Partners AB has the sole power to vote, direct the voting of, dispose of
and direct the disposition of the Common Stock owned by it as described in
Item 5(a) above.
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HealthInvest
Global Long/Short Fund has shared power to vote, direct the vote of,
dispose of and direct the disposition of the Common Stock owned by it as
described in Item 5(a) above. Such power is shared with
Healthinvest Partners AB.
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(c) Transactions
in the Common Stock by the Reporting Persons effected in the last 60 days
are as set forth in the table below. All such trades were
made in open market transactions.
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Entity
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Trade
Date
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Activity
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Quantity
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Average
Price
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HealthInvest
Global Long/Short Fund
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09/15/08
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BUY
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27,800
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7.69
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HealthInvest
Global Long/Short Fund
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09/19/08
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BUY
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25,000
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7.71
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HealthInvest
Global Long/Short Fund
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09/29/08
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BUY
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8,300
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7.14
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HealthInvest
Global Long/Short Fund
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09/30/08
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BUY
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30,000
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7.43
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HealthInvest
Global Long/Short Fund
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10/06/07
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BUY
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10,000
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6.00
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HealthInvest
Global Long/Short Fund
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10/06/08
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BUY
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10,000
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6.00
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HealthInvest
Global Long/Short Fund
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10/13/08
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BUY
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10,000
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5.80
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HealthInvest
Global Long/Short Fund
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10/15/08
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BUY
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60,000
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5.66
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HealthInvest
Global Long/Short Fund
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10/24/08
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BUY
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25,000
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5.01
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HealthInvest
Global Long/Short Fund
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10/30/08
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BUY
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10,000
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4.08
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HealthInvest
Global Long/Short Fund
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10/31/08
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BUY
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25,000
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4.10
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HealthInvest
Global Long/Short Fund
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11/07/08
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BUY
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97,806
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2.56
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HealthInvest
Global Long/Short Fund
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11/07/08
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BUY
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3,900
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2.67
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HealthInvest
Global Long/Short Fund
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11/10/08
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BUY
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100,000
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2.81
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Item
6 Contracts,
Arrangements, Understandings or Relationships with Respect to Securities
of the Issuer
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None.
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Item
7 Material
to be Filed as Exhibits
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99.1 Joint
Filing Agreement
99.2 Letter
dated November 12, 2008 from Anders Hallberg, Managing Director and CEO of
Healthinvest Partners AB, to the Chairman of the Board of Directors of the
Company and the Company’s Chief Executive Officer.
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DATE: November
12, 2008
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HEALTHINVEST
PARTNERS AB
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By: /s/ ANDERS
HALLBERG
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Name: Anders
Hallberg
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Title: Managing
Director and CEO
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HEALTHINVEST
GLOBAL LONG/SHORT FUND
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By: /s/ ANDERS
HALLBERG
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Name: Anders
Hallberg
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Title: CEO
of Managing Company
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