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Gene Logic Stock Up 9 Percent on Pfizer Deal; Firm Still Smarts from TherImmune Disclosure

NEW YORK, Sept. 27 (GenomeWeb News) - Shares in Gene Logic surged more than 9 percent today after the company said it will help Pfizer find new therapeutic indications for a number of its stalled drug candidates.

 

The stock was up $.41, or $4.91 in mid-afternoon trading but failed to claw back from a 14-percent drop last week after Gene Logic disclosed that the value of the goodwill asset from its 2003 acquisition of TherImmune Research is impaired.

 

As GenomeWeb News reported this morning, Gene Logic's "drug repositioning program" will test drug candidates from Pfizer that are no longer in development for their potential use across a wide spectrum of diseases areas, using its genomics and in silico technologies as well as technologies it acquired from Millennium Pharmaceuticals last year.

 

Gene Logic is eligible for milestone payments and royalties on drugs that are commercialized as a result of the program.

 

The companies did not disclose other terms of the agreement.

 

Last Friday, Gene Logic's stock tumbled more than 14 percent after the company disclosed that the value of the goodwill asset from its 2003 acquisition of TherImmune Research is impaired.

 

Gene Logic will announce the amount of the impairment by Nov. 9 after completing its review with a third-party valuation specialist.

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