Gene Logic Inc. of Gaithersburg cuts loss

Daily Record, The (Baltimore), Oct 25, 2007

Gene Logic Inc., of Gaithersburg, a provider of drug development services to pharmaceutical and biotechnology companies, reported a third-quarter net loss of $7.9 million, or 25 cents per diluted share, on revenue of $4.5 million, versus a net loss of $26.6 million, or 47 cents per diluted share, on revenue of $3.7 million, for the corresponding period last year.

On Oct. 15, Gene Logic announced that it had signed an agreement to sell its genomics assets to Ocimum Biosolutions Ltd., of Indianapolis, for $10 million, leaving Gene Logic with only its drug repositioning and development division.