Gene Logic Inc - Current report filing (8-K)
June 17 2008 - 6:02AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
June 16, 2008 (June 12, 2008)
Ore
Pharmaceuticals Inc.
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
0-23317
|
06-1411336
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
610 Professional Drive, Gaithersburg, Maryland
|
20879
|
(Address
of principal executive office)
|
(Zip Code)
|
Registrant’s
telephone number, including area code: (301) 987-1700
N/A
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under
any of the following provisions (see General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Potential
persons who are to respond to the collection of information contained in
this form are not required to respond unless the form displays a
currently valid OMB control number.
Item
2.05 Costs Associated with Exit or Disposal Activities.
Ore Pharmaceuticals Inc. is focusing its corporate resources on
investment in clinical development and business development efforts for
compounds repositioned over the past four years through the application
of its proprietary indications discovery program. As part of this new
alignment, Ore Pharmaceuticals has reassigned a portion of its
indications discovery workforce to the Company’s drug development team
and will also reduce its remaining workforce related to indications
discovery and administrative activities as it winds down its indications
discovery activities. These changes are intended to concentrate the
Company’s resources on drug development and commercialization,
activities it considers to hold the greatest potential to achieve gains
in shareholder value.
As part of its effort to focus its business strategy on drug
development, Ore Pharmaceuticals will reduce its workforce from the 71
employees it reported as of December 31, 2007 to approximately 22 by
December 31, 2008. The Company expects to make future cash payments of
approximately $1.0 million in connection with employment terminations
resulting from this course of action. These payments will be made in the
next three quarters.
The Company committed to this new alignment and the related workforce
changes on June 12, 2008 when it was communicated to the Company’s
workforce.
The Company issued a press release earlier today with regard to the
above described changes that is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
|
|
Description
|
99.1
|
|
Press Release dated June 16, 2008
|
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
ORE PHARMACEUTICALS INC.
|
|
|
|
Date:
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June 16, 2008
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By:
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/s/ Philip L. Rohrer Jr.
|
|
|
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Philip L. Rohrer Jr.
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|
|
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Chief Financial Officer
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EXHIBIT
INDEX
Exhibit Number
|
Description
|
99.1
|
Press Release dated June 16, 2008
|
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