Healthcare Industry News: Pravachol
News Release - July 31, 2007
Gene Logic Recruits Pharmaceutical Executive as Senior Vice President of Clinical DevelopmentDr. Stephen R. Donahue Brings Extensive Drug Development Expertise to Business Unit
GAITHERSBURG, Md.--(HSMN NewsFeed)--Gene Logic Inc. (NASDAQ:GLGC ) announced today the appointment of Stephen R. Donahue, M.D. as Senior Vice President of Clinical Development. Dr. Donahue will lead the Company's efforts in clinical development to advance proprietary drug candidates it acquires through drug repositioning partnerships. Dr. Donahue's responsibilities will integrate with those of Gene Logic's Rediscovery and Business Development and Licensing groups to drive the growth of the Company's emerging business in Drug Repositioning.
Charles L. Dimmler, III, Gene Logic Chief Executive Officer and President, said, "Gene Logic's drug repositioning efforts are proceeding on plan with more than 70 compounds under evaluation. An initiative is underway now to secure a development partner for the Company's first proprietary drug candidate, GL1001, acquired from Millennium Pharmaceuticals. Stephen Donahue has proven expertise in clinical development and will be a key figure as we continue to execute Gene Logic's strategic plan."
Stephen R. Donahue, M.D., Senior Vice President, Clinical Development for Gene Logic, said, "I'm pleased to be joining Gene Logic at a time when the Company's Drug Repositioning Program and partnerships with Pfizer, Roche, Abbott, Eli Lilly, Organon, and Lundbeck offer exciting opportunities for clinical development of novel drug candidates in a variety of therapeutic areas. I look forward to applying my clinical development expertise to the development of GL1001 and future Gene Logic drug candidates."
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Gene Logic Overview
Gene Logic is transforming into a pharmaceutical development company through partnerships with pharmaceutical companies. Our partners provide Gene Logic with access to their drug candidates that have been assessed as safe in human clinical trials but discontinued for other reasons. Gene Logic applies its drug indication platform to find new therapeutic uses for the drug candidates. Gene Logic expects to receive milestone payments and royalties on drug candidates that our partners choose to develop based on the indications we find or, if the partner elects not to pursue such new indications, Gene Logic may receive ownership and development rights.
Gene Logic has also developed proprietary genomics databases and services to enable customers worldwide to discover and prioritize drug targets, identify biomarkers, predict toxicity and understand mechanisms of toxicity, and obtain insights into the efficacy of specific compounds. We continue to offer customers these services and licenses to the databases. Such databases, services and expertise are also a vital part of our drug indication platform. Following consideration of various strategic alternatives for its Genomics Division, the Company is concentrating its efforts on investigating the possibility of a sale of all or parts of its Genomics business while continuing to serve new and existing Genomics customers.
Founded in 1994, Gene Logic is headquartered in Gaithersburg, Md., with additional research and development facilities in Cambridge, Mass. The Company currently has about 150 employees worldwide. For more information, visit www.genelogic.com or call toll-free - 1/800/GENELOGIC.
Source: Gene Logic
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