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Gene Logic Shareholders OK Sale of Genomic Business, Name Change

NEW YORK (GenomeWeb News) - Gene Logic said today that its shareholders have approved the sale of its genomic assets to Ocimum Biosolutions, as well as its transformation into a drug repositioning firm with the new name of Ore Pharmaceuticals.
 
Gene Logic announced its plans to change its focus and its brand in late October, after it struck a deal with Ocimum to sell its genomics business for $10 million.
 
Ocimum will own the Gene Logic name. The company's stock will continue to trade on the Nasdaq exchange under a new ticker symbol, ORXE.
 
"As a drug repositioning and development company, our sole purpose is to supply the demand of pharmaceutical companies for product innovation to enrich their development pipelines," said Gene Logic's CEO, Charles Dimmler, in a statement.
 
The company said it expects to close the sale of its genomics business to Ocimum by the end of this week.
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