GAITHERSBURG, Md.--(BUSINESS WIRE)--Gene Logic Inc. (NASDAQ:GLGC - News) 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.
Contact: Gene Logic Inc. Customer Contact: Joanne Smith-Farrell, Ph.D. Senior Vice President, Business Development & Licensing 301-987-1736 jsmithfarrell@genelogic.com or Investor/Media Contact: Christopher Culotta Director, Strategic Communications 301-987-1752 cculotta@genelogic.com
Source: Gene Logic Inc.
