Gene Logic and Abbott Enter Collaboration to Discover New Development Paths for Multiple Clinical Drug Candidates

  
    
  
  
    
      Gene Logic Inc. (NASDAQ:GLGC) announced today that it has entered into 
      an agreement with Abbott to seek additional development paths for 
      multiple Abbott drug candidates. All of these drug candidates 
      have successfully passed Phase I human clinical trials.
    
    
      The agreement provides for Gene Logic to receive success-based milestone 
      payments for each drug candidate Abbott returns to clinical development. 
      In addition, Gene Logic will receive royalties for each candidate that 
      becomes a marketed drug. The agreement also provides Gene Logic the 
      option to receive an exclusive license to any drug candidate that Abbott 
      chooses not to pursue, in which case Abbott will receive success-based 
      milestone and royalty payments. Although financial terms were not 
      disclosed, the agreement is similar in nature to Gene Logic’s 
      other major pharmaceutical company alliances.
    
    
      Gene Logic’s Drug Repositioning Program seeks 
      to find alternative indications for drug candidates with good safety 
      records that have been de-prioritized or discontinued in clinical 
      trials. The program offers pharmaceutical partners a novel approach to 
      bolster their late-stage pipelines with safe, high-quality drug 
      candidates that originated from their own R&D efforts. The Abbott drug 
      repositioning partnership is the fifth large pharmaceutical company 
      alliance, which currently includes alliances with companies such as 
      Pfizer and Roche.
    
    
      Charles L. Dimmler, III, Gene Logic Chief Executive Officer and 
      President said, “We are delighted that Abbott 
      chose Gene Logic as its partner to find new development paths for their 
      drug candidates. Our program is designed to provide a comprehensive 
      picture of the drug candidates’ biological 
      activities and determine if there are new therapeutic uses for these 
      potential medicines.”
    
    
      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.
    
    
      Founded in 1994, Gene Logic is headquartered in Gaithersburg, Maryland, 
      with additional research and development facilities in Cambridge, 
      Massachusetts. The Company currently has about 150 employees worldwide. 
      For more information, visit www.genelogic.com 
      or call toll-free – 1/800/GENELOGIC.