As of December 31, 2004, Gene Logic had approximately $102.9 million in cash, cash equivalents and marketable securities available-for-sale.
Gene Logic Guidance
Gene Logic will provide Company strategy and guidance for 2005 in a conference call on March 17, 2005.
2004 Highlights
Acquired the Horizon technology and an associated research team from Millennium for approximately $9.5 million and future funding commitments, focused on expanding the Company's service portfolio into drug repositioning and selection services;
Renewed subscription agreements for access to the Company's genomics services with key pharmaceutical customers, including Boehringer Ingelheim, Sumitomo Pharmaceuticals, Sankyo Co., and signed N.V. Organon to a multi-year toxicogenomics services agreement;
Strengthened the management team including the addition of: Dennis Rossi, Senior Vice President and General Manager for Gene Logic Genomics; Carlos Orantes, Vice President of Operations for Gene Logic Laboratories; and, Lou Tartaglia, Ph.D., Senior Vice President of Drug Repositioning and Selection;
Elected J. Stark Thompson, Ph.D. as non-executive Chairman of the Board of Directors, separating the roles of Chairman and CEO, further enhancing the Company's corporate governance standards, and enabling better utilization of key senior management resources;
Appointed to its board of directors Frank L. Douglas, M.D., Ph.D., former Executive Vice President and Chief Scientific Officer of Aventis Pharma AG; and
Enhanced its international presence with the establishment of customer service and technical support staff in Japan and Europe to serve the needs of our global customer base.
.................
I listened to the call and did not get a lot out of it.
There was a brief suggestion that breakeven is possible
later this year? About a third of the way into the call.
There was one question asked--will the drug repositioning
service charge an upfront fee, or will this be likely
to get royalty payments. Answer--milestone/royalites.
The question came from Royce funds.
Until GLGC can give us some examples of getting drugs
back into pharma pipelines, the question is probably
a moot point. A little boring but upbeat. They do
seem to be heading in the right direction. I would
like heave heard less of the business-speak and
promises and more meat of course, maybe they will
save that for March. I suppose there is a chance
that a deal is in the works and this is a way to
defer attention to later?
I have narrowed merger/buyout possibilites down
to all pharma and biotechs <g> but especially
Iconix or Perlegen. Nobody on the Yahoo
board is saying anything. There seems not to
be any willingness to speculate what might
happen--I suppose there is a fear that it just
slowly bleeds to death over the next two years.
That's too bad, it would be nice if the cash
stayed above 100M...if not the marketcap! |
