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Gene Logic Files for Bankruptcy, Seeks Bidders for Assets

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Ocimum Biosolutions is seeking a buyer for the assets of genomic services and database subsidiary Gene Logic.

Gene Logic, based in Gaithersburg, Md., is the US subsidiary of Hyderabad, India-based Ocimum. It filed for Chapter 11 in mid-October.

According to bankruptcy proceedings, an auction of substantially all of the Gene Logic assets is scheduled for Jan. 6, 2012, with a Jan. 4 deadline for submitted bids. A sale hearing is scheduled for Jan. 10 in the US Bankruptcy Court for the District of Delaware.

Ocimum said that it has hired life sciences financial services firm Burrill & Co. to find "strategic alternatives related to Gene Logic and its assets."

Burrill will identify bidders for the Gene Logic assets or, as an alternative, try to identify merger partners or investors for the firm.

Ocimum bought Gene Logic in 2007 for $10 million following a steady downturn in the market for gene expression data (BI 10/19/2007).

Gene Logic markets the ToxExpress and BioExpress gene expression databases, as well as the Ascenta biomarker discovery platform and Genesis data-analysis software system.

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