UPDATE 1-Gene Logic to sell its genomics assets for $10 mln

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Oct 15 (Reuters) - Gene Logic Inc GLGC.O said it agreed to sell its Genomics assets to Ocimum Biosolutions Ltd for $10 million in cash.

Under terms, Gene Logic retains full rights to utilize the existing information data bases of its former Genomics business.

Ocium will assume certain liabilities associated with the Genomics assets and business and will pay Gene Logic $7 million at closing and $3 million payable in a promissory note due 18 months from closing.

Gene Logic said it will retain specified assets related to molecular diagnostics and will continue to explore strategic alternatives for these assets. (Reporting by Jennifer Robin Raj in Bangalore)