NEW YORK (GenomeWeb News) - Gene Logic said today it plans to change its name to Ore Pharmaceuticals in order to better express its drug repositioning identity now that it has agreed to sell its genomics business to Ocimum Biosolutions.
The company said two weeks ago it plans to sell its genomics assets to Ocimum for $10 million as it completes its restructuring into the pharmaceuticals field.
Gene Logic said the new name has been approved by the board of directors and now awaits shareholder approval. The company also is waiting for the shareholders' nod to proceed with its proposed sale to Ocimum.
Gene Logic said it will shift ownership of its name to Ocimum when the deal closes.
“We believe that the Gene Logic name is a valuable brand that appropriately should remain with the genomics business of Ocimum Biosolutions," Gene Logic CEO Charles Dimmler said in a statement.
The company said it is currently collaborating with eight pharmaceutical companies to reposition some of their compounds. The pharma partners include Abbott, H. Lundbeck, Merck Serono, Organon, Pfizer, Roche, and Solvay.
Gene Logic also said its technology program includes the use of its own genomic and toxicogenomic databases, for which it will hold full and exclusive rights to use in its repositioning business.