GLGC Gene Logic Inc. (MM)

Gene Logic Inc. (NASDAQ:GLGC) announced today that the Company๏ฟฝs shareholders have approved both the sale of its Genomics Assets to Ocimum Biosolutions and the renaming of the Company as Ore Pharmaceuticals Inc. The shareholder vote yesterday and completion of the sale of the Genomics Assets expected later this week will launch effectively Ore Pharmaceuticals as a new company focused on drug repositioning and development. After the filing of necessary legal documents later this week, the Company will be renamed Ore Pharmaceuticals Inc. The Company๏ฟฝs stock will continue to trade on the NASDAQ exchange and its stock ticker will change to ORXE. Ownership of the name Gene Logic will transfer to Ocimum on the date of closing of the sale agreement. ๏ฟฝEffective with the closing of the Ocimum transaction, we will inaugurate a new company with a clearly defined purpose,๏ฟฝ stated Charles L. Dimmler, III, President and Chief Executive Officer of Gene Logic Inc. ๏ฟฝAs a drug repositioning and development company, our sole purpose is to supply the demand of pharmaceutical companies for product innovation to enrich their development pipelines. Our shareholders๏ฟฝ votes signify their endorsement of our strategy to transform the company, a transformation we have been engaged in for the past year. We are positioned well, with the industry๏ฟฝs leading indication-seeking program, partnerships with eight pharmaceutical companies, and a drug candidate of our own, GL1001, for which we are seeking a development partner.๏ฟฝ Ore Pharmaceuticals will be engaged exclusively in repositioning clinical-stage drug candidates that have stalled in development for reasons other than safety. The Company obtains these drug candidates from its pharmaceutical partners and applies its proprietary integrative pharmacology program to determine new potential therapeutic indications to enable its partners to return such compounds to clinical development. When the Company identifies and validates a new potential indication for a compound and the partner reinstates that compound into their clinical development program, the Company earns success-based payments upon achievement of certain development milestones. Additionally, in the event that a partner returns a drug to the commercial market, the Company earns royalties on sales. In most cases, the Company is entitled to obtain development rights to repositioned drug candidates that its partners choose not to reinstate into development. The Company has one such drug candidate, GL1001, that demonstrated indications of efficacy at relevant doses in in vivo testing for inflammatory bowel disease (IBD). Based on the test results and market opportunities in IBD, the Company is seeking a partner for the clinical development of GL1001. Company Overview Headquartered in Gaithersburg, Maryland, the Company๏ฟฝs indication discovery technologies are currently applied at its facilities in Cambridge, Massachusetts on behalf of a number of top pharmaceutical companies. These companies have provided compounds which have failed advanced clinical studies for reasons other than safety.