GLGC Gene Logic Inc. (MM)

Gene Logic Inc. (NASDAQ: GLGC) announced today that it has entered into a drug repositioning and development agreement with Eli Lilly and Company to seek alternative development paths for multiple Lilly drug candidates. All of these drug candidates were discontinued or de-prioritized in clinical trials for reasons other than safety. The agreement provides for milestones and royalties similar to those paid for development-stage in-licensing deals, discounted to account for Lilly�s contribution as the originator of the compound. The agreement also provides Gene Logic the option to receive an exclusive license to any drug candidate that Lilly chooses not to pursue, in which case Lilly would receive success-based milestone and royalty payments. Gene Logic�s Drug Repositioning Program seeks to find alternative development paths for drug candidates with good safety records that have been de-prioritized or discontinued in clinical trials. The program offers pharmaceutical partners a novel approach to bolster their pipelines with high-quality drug candidates that originated from their own R&D efforts. Applying a diverse set of drug discovery technologies in parallel, Gene Logic�s Drug Repositioning Program evaluates drug candidates for potential utility across a wide spectrum of disease indications. Louis Tartaglia, Ph.D., general manager and senior vice president of Drug Repositioning for Gene Logic, said, �We are particularly pleased to add Lilly as another partner that already has a sophisticated thought process around drug repositioning. Gene Logic�s Drug Repositioning Program complements Lilly�s own efforts to find new uses for unsuccessful drug candidates. Our systematic multiple technology approach is specifically designed to provide a comprehensive picture of the drug candidates� biological activities and determine if there are new therapeutic uses for these potential medicines.� Mark Gessler, Gene Logic CEO commented, �We are very pleased to have Lilly as our fourth major pharmaceutical partner. The goal of our program is to provide partners with substantial value; clearly this message is resonating with large pharmaceutical companies and is establishing Gene Logic as a leader in drug repositioning.� Gene Logic Overview Gene Logic technologies and services are used by many of the world�s top pharmaceutical and biotechnology companies. Over 150 organizations and government agencies have benefited from Gene Logic�s diverse portfolio of drug development services, enabling them to make more informed, more reliable and more predictive decisions at each point in the highly complex and costly drug development process. Gene Logic currently has drug repositioning agreements with a number of pharmaceutical companies. Gene Logic is headquartered in Gaithersburg, Maryland, conducts additional research and development in facilities in Cambridge, Massachusetts, and has customer support operations in the U.S., Europe, and Asia. For more information, visit www.genelogic.com or call toll-free � 1/800/GENELOGIC. Gene Logic Inc. (NASDAQ: GLGC) announced today that it has entered into a drug repositioning and development agreement with Eli Lilly and Company to seek alternative development paths for multiple Lilly drug candidates. All of these drug candidates were discontinued or de-prioritized in clinical trials for reasons other than safety. The agreement provides for milestones and royalties similar to those paid for development-stage in-licensing deals, discounted to account for Lilly's contribution as the originator of the compound. The agreement also provides Gene Logic the option to receive an exclusive license to any drug candidate that Lilly chooses not to pursue, in which case Lilly would receive success-based milestone and royalty payments. Gene Logic's Drug Repositioning Program seeks to find alternative development paths for drug candidates with good safety records that have been de-prioritized or discontinued in clinical trials. The program offers pharmaceutical partners a novel approach to bolster their pipelines with high-quality drug candidates that originated from their own R&D efforts. Applying a diverse set of drug discovery technologies in parallel, Gene Logic's Drug Repositioning Program evaluates drug candidates for potential utility across a wide spectrum of disease indications. Louis Tartaglia, Ph.D., general manager and senior vice president of Drug Repositioning for Gene Logic, said, "We are particularly pleased to add Lilly as another partner that already has a sophisticated thought process around drug repositioning. Gene Logic's Drug Repositioning Program complements Lilly's own efforts to find new uses for unsuccessful drug candidates. Our systematic multiple technology approach is specifically designed to provide a comprehensive picture of the drug candidates' biological activities and determine if there are new therapeutic uses for these potential medicines." Mark Gessler, Gene Logic CEO commented, "We are very pleased to have Lilly as our fourth major pharmaceutical partner. The goal of our program is to provide partners with substantial value; clearly this message is resonating with large pharmaceutical companies and is establishing Gene Logic as a leader in drug repositioning." Gene Logic Overview Gene Logic technologies and services are used by many of the world's top pharmaceutical and biotechnology companies. Over 150 organizations and government agencies have benefited from Gene Logic's diverse portfolio of drug development services, enabling them to make more informed, more reliable and more predictive decisions at each point in the highly complex and costly drug development process. Gene Logic currently has drug repositioning agreements with a number of pharmaceutical companies. Gene Logic is headquartered in Gaithersburg, Maryland, conducts additional research and development in facilities in Cambridge, Massachusetts, and has customer support operations in the U.S., Europe, and Asia. For more information, visit www.genelogic.com or call toll-free - 1/800/GENELOGIC.