GAITHERSBURG, Md.--(BUSINESS WIRE)--Gene Logic Inc. (NASDAQ:GLGC) today reported financial results for the third quarter ended September 30, 2007. Q3 Highlights On October 15, 2007, Gene Logic announced that it had signed an agreement to sell its Genomics assets to Ocimum Biosolutions Ltd. for $10 million (including $7 million in cash and a $3 million promissory note due 18 months from closing) and the assumption, by Ocimum, of certain liabilities and ongoing contractual obligations. The purchase price is subject to adjustment based on certain potential revisions to the carrying value of assets and liabilities at closing. This transaction represents the last major step in Gene Logic’s transformation into a drug development company based on its proprietary new indication discovery technologies. Gene Logic has retained the exclusive, perpetual right to use its genomics databases for drug repositioning on behalf of pharmaceutical company partners and in its own drug development programs. The Company will also retain the Genomics Division’s molecular diagnostics assets and capabilities. Henceforth, Gene Logic will focus its technologies, management efforts and capital resources on drug repositioning and development. The Ocimum transaction is subject to approval by the Company’s shareholders.
