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Auction of Gene Logic Assets Set for Later This Month

NEW YORK (GenomeWeb News) – Ocimum Biosolutions yesterday said that it has pushed back the date of an auction to later this month for the ongoing operations and assets of Gene Logic, its US subsidiary that filed for Chapter 11 bankruptcy protection in mid-October.

The auction initially was to have taken place on Jan. 6, but according to Ocimum the "high level of interest" from potential bidders has led it to reschedule the auction until Jan. 24. The bid deadline is Jan. 20 at 4:00 p.m. The auction will take place at the offices of Thorp Reed & Armstrong in Wilmington, Del., and a hearing to approve the auction will occur on Jan. 26, said Ocimum.

Based in Gaithersburg, Md., Gene Logic was acquired by Indian firm Ocimum Biosolutions in 2007 for $10 million. It operates as a division of the Indian parent firm and offers a range of genomics services to pharmaceutical and biotechnology firms, as well as government and academic institutions.