Shareholders of Gene Logic have approved the sale of the company’s genomics assets to Ocimum Biosolutions and the subsequent renaming of the company as Ore Pharmaceuticals. The genomics sale is expected to close later this week and will effectively launch Ore Pharmaceuticals as a new company focused on drug repositioning and development. After the filing of necessary legal documents later this week, the company will be renamed officially.

“Effective with the closing of the Ocimum transaction, we will inaugurate a new company with a clearly defined purpose,” stated Charles L. Dimmler, III, president and chief executive officer of Gene Logic. “As a drug repositioning and development company, our sole purpose is to supply the demand of pharmaceutical companies for product innovation to enrich their development pipelines. Our shareholders’ votes signify their endorsement of our strategy to transform the company, a transformation we have been engaged in for the past year. We are positioned well, with the industry’s leading indication-seeking program, partnerships with eight pharmaceutical companies, and a drug candidate of our own, GL1001, for which we are seeking a development partner.”

Ore Pharmaceuticals will be engaged exclusively in repositioning clinical-stage drug candidates that have stalled in development for reasons other than safety.