This request for approval will be accompanied by a proxy proposal, also approved by the board, to sell the company’s genomics assets to Ocimum Biosolutions. Ownership of the name Gene Logic will transfer to Ocimum on the date of closing.
Key to this strategy is the company’s proprietary integrative pharmacology program, Gene Logic said. This program enables the company to determine potential new therapeutic applications for drug candidates provided by its business partners. These drug candidates are compounds that have failed clinical studies for reasons other than safety.
Charles Dimmler, III, president and CEO of Gene Logic, said: “We’ve proposed this new name to our shareholders to reflect the fact that we are becoming a new and different company. We believe that the Gene Logic name is a valuable brand that appropriately should remain with the Genomics business of Ocimum Biosolutions. We believe that the name Ore Pharmaceuticals is one that will enable us to build a meaningful identity more appropriate to the drug repositioning and development business.”