Gene Logic Names New CEO

  
    
  
  
    
      Gene Logic Inc. (NASDAQ:GLGC) Chairman of the Board of Directors J. 
      Stark Thompson announced today that the Company has elected Charles L. 
      Dimmler, III, to serve as President and Chief Executive Officer. Mr. 
      Dimmler’s appointment expands the senior 
      management resources available to implement the Company’s 
      recently announced strategic plan.
    
    
      Mr. Mark D. Gessler will remain at the Company and on the Board of 
      Directors, focusing on key strategic initiatives.
    
    
      Mr. Thompson stated that, “The Board selected 
      Mr. Dimmler, recognizing his extensive knowledge of the Company and its 
      strategic plan, his experience in the life sciences industry, and his 
      strong executive and personal qualities.”
    
    
      Mr. Dimmler will take up his new duties effective immediately, and he 
      remains on the Gene Logic Board. Mr. Dimmler, 65, has worked for more 
      than 20 years in life sciences financing and has extensive management 
      experience, including in life sciences and biotechnology companies. Mr. 
      Dimmler has served as a director of the Company since May 1996.
    
    
      Gene Logic Overview
    
    
      Gene Logic is transforming into a biopharmaceutical development company 
      through partnerships with pharmaceutical companies. Our partners provide 
      Gene Logic with access to their drug candidates that have been assessed 
      as safe in human clinical trials but discontinued for other reasons. 
      Gene Logic applies its drug indication platform to find new therapeutic 
      uses for the drug candidates. Gene Logic expects to receive milestone 
      payments and royalties on drug candidates that our partners choose to 
      develop based on the indications we find or, if the partner elects not 
      to pursue such new indications, Gene Logic may receive ownership and 
      development rights.
    
    
      Gene Logic has also developed proprietary genomics databases and 
      services to enable customers worldwide to discover and prioritize drug 
      targets, identify biomarkers, predict toxicity and understand mechanisms 
      of toxicity, and obtain insights into the efficacy of specific 
      compounds. We continue to offer customers these services and licenses to 
      the databases. Such databases, services and expertise are also a vital 
      part of our drug indication platform. We are now seeking strategic 
      alternatives to use our Genomics assets capabilities and expertise for 
      molecular diagnostics.
    
    
      Founded in 1994, Gene Logic is headquartered in Gaithersburg, Md., with 
      additional research and development facilities in Cambridge, Mass. The 
      Company currently has about 150 employees worldwide. For more 
      information, visit www.genelogic.com 
      or call toll-free -- 1-800-GENELOGIC.
    
    
      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 we will be able to identify and successfully implement 
      strategies, on favorable terms or at all, for improving the performance 
      and value of our businesses and improving the value of our Genomics 
      business and whether repositioned compounds are successfully returned to 
      our customers’ pipelines and generate sales, 
      and resulting milestones and royalties for the Company or whether we 
      acquire repositioned compounds on acceptable terms 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, and improving the 
      value of our businesses to shareholders; whether there will be remaining 
      price adjustments or liabilities associated with the sale of the 
      Pre-Clinical Division, whether we will be able successfully to manage 
      our existing cash adequately and whether we will 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.