Gene Logic Inc. Completes Sale of Genomics Assets to Ocimum Biosolutions

Gene Logic Inc. (NASDAQ:GLGC) announced today that it completed the sale of its Genomics assets to Ocimum Biosolutions Ltd., a global life sciences R&D enabling company. As a result of the sale, Gene Logic Inc. received $7 million in exchange for its genomics assets; an additional $3 million is payable pursuant to a promissory note due 18 months from the date of closing. Ocimum has assumed certain liabilities associated with the Genomics assets and business. The sale was approved by Gene Logic Inc. shareholders earlier this week.

Source: Gene Logic Inc.