GENE LOGIC Raises $20 Million In Private Financing.COLUMBIA, Md.--(BUSINESS WIRE)--July 16, 1997--GENE LOGIC INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . today announced that it has raised $20 million in a private placement of Series C Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The financing was led by BIOTECHVEST L.P. (Chicago), which invests exclusively in late-stage private and public equity placements. Other new investors included the WPG-Farber Weber Fund, Tisch Family Interests, Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Niederhoffer Funds, GeneChem Technologies Venture Fund, PVJ PVJ Prostetnic Vogon Jeltz (Vogon character from Hitchhiker's Guide To The Galaxy) Pension Fund (Denmark), Cresta Limited and Hambrecht & Quist. Previous investors who participated included Oxford Bioscience Partners, Hambro Health International, New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] and pension funds Altamira Management Ltd. (Toronto) and GIMV Investment Corporation (Belgium). Hambrecht & Quist acted as advisor for the offering. "Our strategy in this financing was to build on our already strong investor base by bringing in a broader group of public market institutional investors," said Mark D. Gessler, Senior Vice President and Chief Financial Officer of GENE LOGIC. "Coming directly on the heels of our major alliance with Procter & Gamble, the proceeds from this financing will enable GENE LOGIC to accelerate further its aggressive technology development and commercialization strategies." GENE LOGIC is a high-throughput, functional genomics company using a new system based on analysis of gene expression and gene regulation to accelerate the discovery of novel drug targets and drug leads. The core of GENE LOGIC's Accelerated Target Discovery platform is a unique technology for monitoring the expression level of every gene in a given tissue or cell type with a high degree of sensitivity, reliability and accuracy. Analyzing these data using its Molecular Topography(TM) tool, GENE LOGIC is able to produce a complete, quantitative picture of all the genes used in a human cell. In its target discovery process, GENE LOGIC creates "molecular movies," a series of molecular topographies, which show the changes in gene expression patterns as a disease develops and progresses in a specific cell or tissue type, across different cell types, and in cells treated with various drugs or experimental compounds. By analyzing these changes using proprietary bioinformatics software, GENE LOGIC can identify rapidly which expressed genes are implicated im·pli·cate tr.v. im·pli·cat·ed, im·pli·cat·ing, im·pli·cates 1. To involve or connect intimately or incriminatingly: evidence that implicates others in the plot. 2. in a disease and provide more novel targets for drug discovery in a shorter time and at a lower cost than any competing technology. GENE LOGIC is a privately-held company with major discovery programs in heart failure, cancer, central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency , osteoporosis, inflammation and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . CONTACT: Gene Logic Inc. Mark D. Gessler, Sr. VP & CFO See Chief Financial Officer. , 410/309-3100, ext. 109 mgessler@genelogic.com www@genelogic.com or Burns McClellan Inc. James W. Heins (media), 212/505-1919 jheins@ny.burnsmc.com or Reagan Codner (investors), 212/505-1919 rcodner@burnsmc.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion