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news.Gene Logic has completed the sale of its genomics assets to Ocimum Biosolutions. As a result of the sale, Gene Logic has received $7 million in exchange for its genomics assets; an additional $3 million is payable pursuant to a promissory note due 18 months from the date of closing.
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Ocimum has assumed certain liabilities associated with the genomics assets and business. The Gene Logic name transfers to Ocimum Biosolutions and the company, formerly named Gene Logic, now is renamed Ore Pharmaceuticals.
In addition to the drug repositioning and development business, the company retains specified assets and capabilities related to molecular diagnostics and will continue to explore strategic alternatives for these assets.
The business of Ore Pharmaceuticals is now focused entirely on drug repositioning and development. The company owns commercial rights to a clinical stage small molecule drug candidate, GL1001, which has demonstrated potential utility at relevant doses in in vivo testing for treating inflammatory bowel disease (IBD). Based on the test results and market opportunities in IBD, the company is seeking a partner for the clinical development of GL1001.