The completion of the sale of the assets will launch effectively Ore Pharmaceuticals as a new company focused on drug repositioning and development. Ownership of the name Gene Logic will transfer to Ocimum on the date of closing of the sale agreement.
Charles Dimmler, III, president and CEO of Gene Logic, said: “Effective with the closing of the Ocimum transaction, we will inaugurate a new company with a clearly defined purpose. As a drug repositioning and development company, our sole purpose is to supply the demand of pharmaceutical companies for product innovation to enrich their development pipelines. Our shareholders’ votes signify their endorsement of our strategy to transform the company, a transformation we have been engaged in for the past year. We are positioned well, with the industry’s leading indication-seeking program, partnerships with eight pharmaceutical companies and a drug candidate of our own, GL1001, for which we are seeking a development partner.”