Gene Logic reports low revenue in genomics division, withdraws financial guidance

By Elaine Rigoli

Tampa, Fla., June 22 - Gene Logic, Inc. said revenue for its genomics division will be significantly lower than previously anticipated for both the second-quarter and for the full-year 2006.

This will adversely impact operating results for the division for the foreseeable future, the company said in a news release.

As a result, the company is withdrawing its previously issued financial guidance for 2006 and 2007.

The company said it is conducting a thorough strategy review and expects to announce results within the next 90 days.

Performance for Gene Logic's drug repositioning division remains on track, and the preclinical division is expected to show substantial improvement over the prior quarter, the release said.

Actual results will be reported in early August.

Gene Logic is a pharmaceutical research and development company located in Gaithersburg, Md.

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