$235 million, plus overallotment. This is what biotech is all about...... they'll need to hustle to add to current business plan, or these investors will get burned. But.... this gives them the resources to get such done. Amazing.......
Thursday January 27, 5:59 am Eastern Time
Company Press Release
SOURCE: Gene Logic Inc.
Gene Logic Prices Public Offering
GAITHERSBURG, Md., Jan. 27 /PRNewswire/ -- Gene Logic Inc. (Nasdaq: GLGC - news) today announced the
commencement of a public offering of 4,200,000 shares of common stock at a price of $56.00 per share. The proceeds to the
Company, net of underwriting discounts and offering expenses, are expected to be approximately $222.5 million. The
Company's net proceeds from the offering will be used to fund product and technology development, to expand database
product marketing efforts, to provide working capital and for general corporate purposes, including possible acquisitions.
All of the 4,200,000 shares of common stock included in the offering are being sold by the Company. In addition, the
Company and certain executive officers of the Company have granted the underwriters a 30-day option to purchase up to an
additional 630,000 shares to cover over-allotments, if any.
The offering is lead managed by ING Barings, and co-managed by Chase H&Q, Robertson Stephens and Dain Rauscher
Wessels.
Gene Logic has built and is commercializing what it believes to be the world's most comprehensive survey of gene expression in
human and animal tissues. The Company markets two types of gene expression database products to the global
pharmaceutical, healthcare and life science industries: its custom databases and related software products and its new
GeneExpress(TM) reference database suite. Gene expression, which is the degree to which genes in a cell are switched on or
off, or regulated, is information critical to understanding the functions of genes. Since genes direct all biological processes, gene
expression information is increasingly recognized by leading pharmaceutical companies as a fundamental tool for all aspects of
biomedical research, particularly drug discovery and development.
Copies of the final Prospectus relating to the offering may be obtained by contacting ING Barings, 55 East 52nd Street, New
York, New York, 10055, 212-409-1000; or from Chase H&Q, One Bush Street, San Francisco, California, 94104,
415-439-3000; or from Robertson Stephens, 555 California Street, Suite 2600, San Francisco, California, 94104,
415-781-9700; or from Dain Rauscher Wessels, 60 South Sixth Street, Minneapolis, Minnesota, 55402, 612-371-2800.
Except for any historical information presented herein, matters presented in this release are forward-looking statements within
the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that could cause or
contribute to such differences include, but are not limited to, those discussed in the ''Risk Factors'' section included in the
Company's Registration Statement on Form S-3 as declared effective by the Securities and Exchange Commission on January
26, 2000, and those discussed from time to time in Gene Logic's filings with the Securities and Exchange Commission.
SOURCE: Gene Logic Inc. |
