REYKJAVIK, Iceland, November 24 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. (Nasdaq:DCGN) today announced that it has received notice from the Nasdaq Stock Market that trading in the company's common stock will be suspended as of November 30, 2009 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove deCODE's common stock from listing on Nasdaq, unless the company files an appeal to the Nasdaq Listing Qualifications Panel. The company has filed such an appeal, which will stay the suspension and delisting through the conclusion of the appeals process. There is no guarantee that this appeal will be successful.
The notice from Nasdaq is pursuant to Listing Rules 5101, 5110 (b) and IM-5101-1, following the company's announcement on November 17 that it had filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The notice from Nasdaq also noted that the company is out of compliance with Listing Rule 5250(c)(1), as a result of its failure to have filed its quarterly report on Form 10-Q for the third quarter of 2009.
deCODE is a global leader in analysing and understanding the human
genome. The company has identified key variations in the sequence of the
genome conferring increased risk of major public health challenges from
cardiovascular disease to cancer, and employs its gene discovery engine to
develop DNA-based tests to assess individual risk of common diseases; to
license its tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and research
institutions around the globe. Visit us on the web at http://www.decode.com;
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