Gene Logic Announces Deal with OncorMed

Gene Logic Inc. recently revealed that it will buy OncorMed Inc. for as much as $38.2 million in stock in a deal that would boost the two Gaithersburg, MD companies' genetic research capabilities.

Buying OncorMed will enter Gene Logic into alliances with additional pharmaceutical companies, including Merck & Co., Schering-Plough, Rhone-Poulenc Rorer and Zeneca Diagnostics. The deal comes on the heels of Gene Logic's announcement in early July that it entered into partnerships with German chemical companies Schering AG and Hoescht AG to develop genes that protect crops, thereby strengthening Gene Logic's position as a partner to pharmaceutical companies.

Dr. Michael J. Brennan, Gene Logic's president and CEO, is confident that the deal will also expand Gene Logic's technological base and thus boost the company's drug discovery and development process.

As well, the deal with Gene Logic will allow OncorMed to enter new markets selling products and services in gene analysis and drug development.

OncorMed is using gene-based technology to develop tests to screen patients at risk for cancer.

For more information: Gene Logic Inc., 708 Quince Orchard Road, Gaithersburg, MD 20878, Tel: 301- 987-1700