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Gene Logic Projects $28M Loss for 2005 as it Launches $14M Drug-Repositioning Program

NEW YORK, March 17 (GenomeWeb News) - Gene Logic expects to record a loss of between $26 million and $28 million in 2005 as it invests $14 million in a new business initiative designed to help drug makers better select and reposition drug compounds, the company said today.

 

The company also said today that it expects to be profitable in 2007 and generate as much as $100 million. Gene Logic said it expects to generate between $83.5 million and $85.5 million in 2005.

 

However, the company warned that first-quarter revenues would be lower than the year-ago quarter.

 

In  February, the company reported a net loss of 18 percent to $4 million, or $.13 per share, for the quarter ending Dec. 31.

 

Gene Logic said it began its new business plan with a Millennium Pharmaceuticals compound that was removed from clinical trials, and six additional compounds from another undisclosed customer, the company said.

 

Under terms of the agreement, Gene Logic will be paid fees, milestone payments, and royalties for successfully repositioning Millennium's compound, which was discontinued in clinical trials, but not for safety reasons. Gene Logic said it expects to finalize terms for at least two additional repositioning partnerships this year with multiple compounds, for a total of 20 compunds.

 

The company said it expects to spend $14 million through 2007 on the new business initiative, including R&D and SG&A expenditures.

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