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

early

onset heart attack, breast cancer, atrial fibrillation and stroke,

restless leg syndrome, glaucoma, and two types of aneurysm. The company

has also used its unique capabilities in human genetics to make

breakthrough discoveries shedding light on human evolution, fertility,

and pigmentation.

Cash position and ARS

-- At December 31, 2007 the company held investments in ARS with original

purchase principal values totalling $38.5 million. As part of deCODE's

cash management program and in line with its treasury policy, the

company had invested in investment-grade ARS. These securities are

private placement securities with long-term nominal maturities, for

which the interest rates have historically been reset through active

monthly auctions. Recent uncertainties in the credit markets have

prevented us and other investors from liquidating holdings of our

remaining ARS in recent auctions because the amount of securities

submitted for sale has exceeded the amount of purchase orders. As

liquidity will be limited until there is a successful auction or until

such time as other markets for these ARS investments develop, the

company has classified as non-current investments totalling $33.5

million of the company's ARS holdings previously reported as current

assets on our December 31, 2007 balance sheet. Based upon an

independent, third-party valuation, the estimated market value of our

non-current investments in ARS at December 31, 2007 amounted to $24.8

million. This is an $8.7 million adjustment to the principal value of

$33.5 million, of which we believe $0.9 million is temporary. Although

the ARS held by deCODE are still investment-grade and continue to pay

interest according to their stated terms, after an analysis of other


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SOURCE deCODE genetics
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