deCODE Genetics Announces Full-year 2007 Financi...(our leadership in human genetics.We have...)

Date:3/12/2008

our leadership in human genetics. We have brought to market pioneering DNA-based risk assessment tests for type 2 diabetes, early-onset heart attack, atrial fibrillation/stroke, prostate cancer, and glaucoma, and launched the world's first personal genome analysis service, deCODEme(TM). With these diagnostics and personal genome products on the market, and others to be launched in the months ahead, deCODE is focused on capturing the potential of our competitive advantage in human genetics, at the same time as we seek partnerships to advance our therapeutics programs and to most efficiently allocate spending and spread risk. We are committed to executing on this strategy and to ensuring we have the cash resources to maximize the creation of value for the company and its shareholders," said Kari Stefansson, CEO of deCODE.

Fourth quarter 2007 results

Revenue for the quarter ended December 31, 2007 was $13.3 million, compared to $11.5 million for the fourth quarter 2006. Net loss for the fourth quarter 2007 was $32.4 million, compared to $23.2 million for the same period a year ago. $7.8 million of the fourth quarter net loss figure is due to ARS- related impairment charges. Research and development expense for proprietary programs decreased to $12.6 million for the fourth quarter 2007 from $14.2 million for the same period in 2006. For the fourth quarter 2007, selling, general and administrative expenses were $7.7 million versus $8.6 million for the fourth quarter 2006.

Key highlights over the past year include:

Product Development

-- Diagnostics. Over the past year deCODE has brought to market its first

DNA-based reference laboratory diagnostic tests for gauging risk of

several major diseases. These pioneering tests are based upon deCODE's

discoveries of major genetic risk factors for many of the major

challenges to public health, and provide a new means for assessing

individual ris
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SOURCE deCODE genetics Copyright©2008 PR Newswire. All rights reserved

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