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Biotech / Medical : GLGC Gene Logic

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To: Mike McFarland who wrote (223)	6/24/2006 11:49:24 AM
From: Mike McFarland	Read Replies (1) of 360

Gene Logic to Realize Lower-Than-Expected Revenue for Its Genomics Division; Financial Guidance Withdrawn GAITHERSBURG, Md.--(BUSINESS WIRE)--June 22, 2006--Gene Logic Inc. (NASDAQ:GLGC) announced today that revenue for its Genomics Division will be significantly lower than previously anticipated for both the second quarter and for the full year 2006. The lower-than-expected revenue will also adversely impact operating results for the division for the foreseeable future. As a result, the Company is withdrawing its previously issued financial guidance for 2006 and 2007. 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. Actual results will be reported in early August. In addition, Gene Logic's Senior Vice President and General Manager, Genomics, has resigned for personal reasons and to pursue other career opportunities. The Company already has in place interim leadership for its Genomics Division. The Company is conducting a thorough review of its Genomics Division strategy, and expects to communicate the results of such review to investors within the next 90 days.

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