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AITHERSBURG, Md.--Gene Logic announced that it has completed a $270 million follow-on offering of 4.83 million shares of common stock at $56 per share. The total includes the exercise of the underwriters’ overallotment option of 630,000 shares, 150,000 of which were sold by certain stockholders of the company. The gross proceeds to Gene Logic from the offering were $262 million. Net proceeds will be used to fund product and technology development, expand database product marketing efforts, and provide working capital for general corporate purposes, including possible acquisitions. Mark Gessler, Gene Logic’s president and chief operating officer said, "The completion of this offering creates a very strong foundation for future growth of the company, further development of the GeneExpress database, and expansion of the marketing and sales organization."
