Ocimum buys genomics segments, while Gene Logic retains access to some assets.

Gene Logic is selling its genomics assets to Ocimum Biosolutions for $10 million in cash. The transaction will allow Gene Logic to focus solely on its drug repositioning and development business.

“Today’s event marks a turning point in the transitional phase of Gene Logic’s strategic redesign,” points out Charles L. Dimmler III, president and CEO. He says that the company will now concentrate on this newly emerging segment of drug development, “a business the company believes will produce great value potentially for our shareholders.”

Under the agreement, Ocimum will pay $7 million at closing of the transaction and the rest pursuant to a promissory note due 18 months from the date of closing. Gene Logic retains specific assets related to molecular diagnostics and full rights in perpetuity to utilize the existing databases of the genomics business.

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