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deCODE Genetics Announces Full-year 2007 Financial Results
Date:3/12/2008

REYKJAVIK, ICELAND, March 12 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter and year ended December 31, 2007. A conference call to discuss the year's results and operating highlights will be webcast live tomorrow, Thursday, March 13, at 8:00am EDT/12 noon GMT (details below).

Net loss for the year ended December 31, 2007 was $95.5 million, compared to $85.5 million for the full year 2006. Basic and diluted net loss per share was $1.57 for the full year 2007, compared to $1.49 for the full year 2006. At the close of 2007, the company had approximately 61.7 million shares outstanding.

Revenue for the year ended December 31, 2007 was $40.4 million, versus $40.5 million for the full year 2006. At December 31, 2007, the company had $15.4 million in deferred revenue, which will be recognized over future reporting periods.

Research and development expense for proprietary programs was $53.8 million for the full year 2007, compared to $57.1 million for the full year 2006. Selling, general and administrative expenses for the full year 2007 were $27.1 million, compared to $25.2 million for 2006.

At December 31, 2007, the company had $94.1 million in cash and cash equivalents, restricted cash equivalents and current and non-current investments, compared to $152.0 million at December 31, 2006. As discussed below, the year end 2007 figure includes temporary and other-than-temporary impairment charges resulting from an independent, third-party estimate of the current value of certain auction-rate securities (ARS) held by the company.

"Over the past year we have made steady progress in both our near-term and long-term strategy to capitalize on
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SOURCE deCODE genetics
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