Gene Logic Inc. Completes Sale of Genomics Assets to Ocimum Biosolutions

  
    
  
  
    
      Gene Logic Inc. (NASDAQ:GLGC) announced today that it completed the sale 
      of its Genomics assets to Ocimum Biosolutions Ltd., a global life 
      sciences R&D enabling company. As a result of the sale, Gene Logic Inc. 
      received $7 million in exchange for its genomics assets; an additional 
      $3 million is payable pursuant to a promissory note due 18 months from 
      the date of closing. Ocimum has assumed certain liabilities associated 
      with the Genomics assets and business. The sale was approved by Gene 
      Logic Inc. shareholders earlier this week. The Gene Logic name transfers 
      to Ocimum Biosolutions and the Company, formerly named Gene Logic Inc., 
      now is renamed Ore Pharmaceuticals Inc. The company’s 
      stock will trade under the ticker symbol GLGC for a few days and then 
      will trade under its new ticker symbol ORXE.
    
    
      In addition to the drug repositioning and development business, the 
      Company retains specified assets and capabilities related to molecular 
      diagnostics and will continue to explore strategic alternatives for 
      these assets.
    
    
      The business of Ore Pharmaceuticals is now focused entirely on drug 
      repositioning and development. The Company currently has eight 
      pharmaceutical partners, including Pfizer, Roche, Abbott, Merck Serono, 
      Organon, Solvay, and H. Lundbeck, for whom it is analyzing drug 
      compounds by applying its proprietary indication seeking program. The 
      Company also owns commercial rights to a clinical stage small molecule 
      drug candidate, GL1001, that has demonstrated potential utility at 
      relevant doses in in vivo testing for treating 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’s 
      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.
    
    
      Safe Harbor Statement
    
    
      This press release contains “forward-looking 
      statements,” as such term is used in the 
      Securities Exchange Act of 1934, as amended. Such forward-looking 
      statements include the Company’s ability to 
      identify strategies for making its businesses successful and the impact 
      of such strategies on our business and financial performance and on 
      shareholder value. Forward-looking statements typically include the 
      words “expect,” “anticipate,” 
      “believe,” “estimate,” 
      “intend,” “may,” 
      “will,” and 
      similar expressions as they relate to Gene Logic or its management. 
      Forward-looking statements are based on our current expectations and 
      assumptions, which are subject to risks and uncertainties. They are not 
      guarantees of our future performance or results. Our actual performance 
      and results could differ materially from what we project in 
      forward-looking statements for a variety of reasons and circumstances, 
      including particularly such risks and uncertainties that may affect the 
      Company’s operations, financial condition and 
      financial results and that are discussed in detail in the Company’s 
      Annual Report on Form 10-K and our other subsequent filings with the 
      Securities and Exchange Commission. They include, but are not limited 
      to: whether repositioned compounds are successfully returned to our 
      customers’ pipelines and generate sales, 
      resulting in milestone payments and royalties for the Company or whether 
      we acquire on acceptable terms development rights to repositioned 
      compounds that our partners decline to develop and are able to derive 
      revenue from these compounds through licensing or otherwise, whether we 
      can enter into agreements to develop sufficient compounds to fulfill our 
      plans for the Drug Repositioning Division; whether there will be any 
      claims associated with the sale of the Pre-Clinical Division or the 
      Genomics Assets, whether we will be able successfully to manage our 
      existing cash and have access to financing on sufficiently favorable 
      terms to maintain our businesses and effect our strategies, including 
      development of repositioned compounds; whether we will be able to 
      recruit and retain qualified personnel, particularly in light of our 
      restructuring efforts; potential negative effects on our operations and 
      financial results from workforce reductions, other restructuring 
      activities, and the evaluation of strategic options; the potential loss 
      of significant customers; the possibility of further write-down of the 
      value of certain intangible assets of the Company, including goodwill 
      associated with the Genomics Division; and the possibility of delisting 
      from NASDAQ Global Markets, which could have an adverse effect on the 
      value of our stock. Gene Logic undertakes no obligation to update or 
      revise any forward-looking statements, whether as a result of new 
      information, future events or otherwise.