Skip to main content

Gene Logic Now 'Investigating Possibility' of Selling Genomics Arm; Q2 Revenue Rises and Loss Narrows

NEW YORK (GenomeWeb News) — Gene Logic is “investigating the possibility” of selling “all or parts” of its Genomics business, a slight change in tactics from “considering strategic alternatives” for the unit, which is the language it used as recently as April.
Two months before that, the firm said it may create “a spin-off entity with a retained equity position or other alternative structures to capture value for Gene Logic.”
Selling all or part of the Genomics business will "likely require” shareholder approval, Gene Logic said. The company has hired investment bank Aquilo Partners to consider its options.
Gene Logic made the disclosure in a statement reporting that second-quarter revenues rose 15 percent as R&D spending rose 8 percent and net losses narrowed 30 percent.
Total receipts for the three months ended June 30, which came almost entirely from its genomics services business, rose to $5.4 million from $4.7 million year over year.
R&D increased to $2.7 million from $2.5 million.
The company said net loss decreased to $7.9 million from $11.3 million in the year-ago period.
As of June 30, Gene Logic had $20.8 million in combined cash and equivalents and $15.8 million in marketable securities.

The Scan

Pfizer-BioNTech Seek Full Vaccine Approval

According to the New York Times, Pfizer and BioNTech are seeking full US Food and Drug Administration approval for their SARS-CoV-2 vaccine.

Viral Integration Study Critiqued

Science writes that a paper reporting that SARS-CoV-2 can occasionally integrate into the host genome is drawing criticism.

Giraffe Species Debate

The Scientist reports that a new analysis aiming to end the discussion of how many giraffe species there are has only continued it.

Science Papers Examine Factors Shaping SARS-CoV-2 Spread, Give Insight Into Bacterial Evolution

In Science this week: genomic analysis points to role of human behavior in SARS-CoV-2 spread, and more.