The USA’s Gene Logic says that its shareholders have approved both the sale of its genomics assets to Ocimum Biosolutions for $10 million and the renaming of the company as Ore Pharmaceuticals.

The moves are designed to fit in with the firm’s desire to launch Ore effectively as a new company “focused on drug repositioning and development”, ie it takes on clinical-stage candidates that have stalled for reasons other than safety. The company will continue to trade on the Nasdaq (under the stock ticker ORXE) and the Gene Logic name will transfer to Ocimum once the sale of the genomics operations is closed.

Chief executive Charles Dimmler said that the shareholders’ votes “signify their endorsement of our strategy to transform the company, a transformation we have been engaged in for the past year”. He went on to claim that “we are positioned well, with the industry’s leading indication-seeking programme, partnerships with eight pharmaceutical companies, and a drug candidate of our own, GL1001”.

The latter compound has demonstrated “indications of efficacy” at relevant doses in in vivo testing for inflammatory bowel disease. Based on the test results, Ore says it is looking for a partner for the clinical development of GL1001.