GAITHERSBURG, Md.--(BUSINESS WIRE)--Gene Logic Inc. (NASDAQ:GLGC) today completed the sale of its Preclinical Division to Bridge Pharmaceuticals, a global contract research organization headquartered in San Francisco, California. The purchase price was $15 million (a portion of which will be held in escrow for up to one year to guarantee certain obligations under the agreement), subject to adjustment for certain changes in working capital and the assumption of certain liabilities associated with the business. Morgan Joseph & Co. Inc. advised the company on this transaction. The sale will allow Gene Logic to focus resources on drug repositioning and continue exploration of strategic alternatives for its genomics resources in molecular diagnostics and clinical biomarker development.
