NEW YORK, June 22 (GenomeWeb News) - Gene Logic said today that revenue for its genomics division will be "significantly lower" than anticipated for both the second quarter and the full year of 2006, and it is withdrawing its financial guidance for 2006 and 2007 as a result.
The disappointing revenues will adversely impact operating results for the genomics division "for the foreseeable future," the company said.
The company said it is performing a review of the genomics division's strategy, and it expects to announce those results within 90 days. The performance of Gene Logic's drug-repositioning division and its preclinical division will not deviate significantly from estimates, the company said.
The company's senior vice president and general manager of genomics has resigned for "personal reasons and to pursue other career opportunities," the company said.