Gene Logic Inc. has announced 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.