Gene Logic and Solvay Pharmaceuticals Enter Agreement to Discover New Development Paths for Multiple Clinical Drug CandidatesGAITHERSBURG, Md. & WEESP, Netherlands--(BUSINESS WIRE)--Aug 27, 2007 - Gene Logic Inc. (NASDAQ: GLGC) announced today that it has entered into a drug repositioning and development agreement with Solvay Pharmaceuticals, a division of the Solvay Group (Euronext : SOLB.BE), to seek alternative development paths for multiple Solvay 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 Solvay'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 for which Gene Logic identifies a potential new therapeutic use that Solvay chooses not to develop. If Gene Logic elects to obtain such a license, Solvay would be entitled to success-based milestone and royalty payments.
Gene Logic's Drug Repositioning Program seeks to find alternate 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.
Charles Dimmler, Chief Executive Officer and President of Gene Logic, said, "Solvay, a pharmaceutical company with a long and prestigious history of innovation, is a valued new business partner for Gene Logic. Our Drug Repositioning Program will complement Solvay's internal efforts to determine new uses for clinical-stage, de-prioritized drug candidates. Our partnership with Solvay is our eighth drug development agreement and provides further evidence that our systematic approach to identifying novel therapeutic indications for drug candidates is valued by the pharmaceutical industry."
Eric Verpoorte, New Business Development Head of Solvay Pharmaceuticals, said "We seek to fully explore the assets coming from our own discovery and development efforts, and Gene Logic's Drug Repositioning Program is a unique and interesting approach to potentially further the value of our compound estate."
Gene Logic Drug Repositioning Overview
Gene Logic's indication discovery technologies are currently being used by a number of top pharmaceutical companies to attempt to reposition drug candidates, while its diverse portfolio of genomic based drug development services continues to enable numerous organizations and government agencies to make more informed, reliable and predictive decisions in the drug development process. 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.
Solvay Pharmaceuticals Overview
Solvay Pharmaceuticals is a research driven group of companies that constitute the global pharmaceutical business of the Solvay Group. For more information, visit www.solvaypharmaceuticals.com . The Solvay Group is an international chemicals and pharmaceuticals group with headquarters in Brussels. Solvay SA is listed on the Euronext 100 index of top European companies. Details are available at www.solvay.com.
Gene Logic Inc.
Philip L. Rohrer, Jr., 301-987-1700
Chief Financial Officer
Investors and Media:
Christopher Culotta, 301-987-1752
Senior Director, Strategic Communications
Posted: August 2007