Gene Logic Shareholders Approve Genomics Assets Sale and Company Name Change to Ore Pharmaceuticals

  
    
  
  
    
      Gene Logic Inc. (NASDAQ:GLGC) announced today that the Company’s 
      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’s 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.
    
    
      “Effective with the closing of the Ocimum 
      transaction, we will inaugurate a new company with a clearly defined 
      purpose,” stated Charles L. Dimmler, III, 
      President and Chief Executive Officer of Gene Logic Inc. “As 
      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’ 
      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’s 
      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.”
    
    
      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’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.