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Gene Logic's new board member reports 14.3% stake n company, plus options
By Lisa Kerner
Charlotte, N.C.., March 1 - Gene logic Inc.'s newly elected board member Lloyd I. Miller beneficially owns 4,540,687 shares, or 14.3%, of the company's outstanding shares, according to a schedule 13D filing with the Securities and Exchange Commission.
Miller was granted options to purchase 30,000 shares of the company's common stock at a price of $1.91 per share upon his election on Feb. 22. The options are exercisable in four equal annual installments beginning Feb. 22, 2008.
On Feb. 13, Miller, manager of Milfam LLC, said he planned to take action to influence the business strategies and operations of Gene Logic, including securing a nomination to the Gaithersburg, Md.-based drug discovery company's board.
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