Gene Logic, Abbott Enter Discovery Pact

Gene Logic, Inc. has entered into an agreement with Abbott to discover additional development paths for several of Abbott’s drug candidates, all of which have successfully completed Phase I trials.

Under the agreement, Gene Logic is eligible to receive success-based milestone payments for each drug candidate Abbott returns to clinical development. Gene Logic will also receive royalties for each drug candidate that is marketed. Gene Logic has the option to receive an exclusive license to any drug candidate that Abbott chooses not to pursue, in which case Abbott will receive success-based milestone and royalty payments. Financial terms of the agreement were not disclosed.

Gene Logic’s Drug Repositioning Program seeks to find alternative indications for high-quality drug candidates with good safety records that have been de-prioritized or discontinued in clinical trials.

Charles L. Dimmler, III, Gene Logic’s chief executive officer and president said, “We are delighted that Abbott chose Gene Logic as its partner to find new development paths for their drug candidates. Our program is designed to provide a comprehensive picture of the drug candidates’ biological activities and determine if there are new therapeutic uses for these potential medicines.”