Navigation Links
deCODE Sells Auction Rate Securities

REYKJAVIK, Iceland, Jan. 20 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) announced today that it has entered into an agreement with NBI, an Icelandic financial institution, pursuant to which NBI has purchased deCODE's auction rate securities for an aggregate price of $11 million. Pursuant to the agreement, deCODE has the call option to require NBI to sell the securities back to the company at any time prior to December 31, 2009. NBI has the put option to require deCODE to repurchase the securities following the sale of certain other deCODE assets, or if not previously repurchased, on December 31, 2009.

deCODE is continuing its policy of reducing expenses while completing the evaluation of its strategic alternatives, including corporate partnerships and the sale of assets. deCODE believes that the proceeds from the sale of the auction rate securities will be sufficient to sustain operations into the second quarter, enabling the company to complete its strategic review and to pursue the best opportunities emerging from this process without seeking additional financing.

About deCODE

deCODE is a bio-pharmaceutical company developing drugs and DNA-based tests to improve the treatment, diagnosis and prevention of common diseases. Its lead therapeutic programs, which leverage the company's expertise in chemistry and structural biology, include DG041, an antiplatelet compound being developed for the prevention of arterial thrombosis; DG051 and DG031, compounds targeting the leukotriene pathway for the prevention of heart attack; and DG071 and a platform for other PDE4 modulators with therapeutic applications in Alzheimer's disease and other conditions. deCODE is a global leader in human genetics, and has identified key variations in the genome (SNPs) conferring increased risk of major public health challenges from cardiovascular disease to cancer. Based upon these discoveries deCODE has brought to market a growing range of DNA-based tests for gauging risk and empowering prevention of common diseases. Through its CLIA-registered laboratory, deCODE offers deCODE T2(TM) for type 2 diabetes; deCODE AF(TM) for atrial fibrillation and stroke; deCODE MI(TM) for heart attack; deCODE ProstateCancer(TM) for prostate cancer; deCODE Glaucoma(TM) for a major type of glaucoma; and deCODE BreastCancer(TM), for the common forms of breast cancer. deCODE is delivering on the promise of the new genetics(SM). Visit us on the web at; on our diagnostics site at; for our pioneering personal genome analysis service and new Cardio and Cancer scans, integrating the genetic variants included in these tests and those linked to another twenty common diseases, at; and on our blog at

Any statements contained in this presentation that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, and the timing of events, to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, those relating to our ability to obtain financing and to form collaborative relationships, the effect of a potential delisting of our common stock from The Nasdaq Global Market, uncertainty regarding potential future deterioration in the market for auction rate securities which could negatively affect our cash position and result in additional permanent impairment charges, our ability to develop and market diagnostic products, the level of third party reimbursement for our products, risks related to preclinical and clinical development of pharmaceutical products, including the identification of compounds and the completion of clinical trials, the effect of government regulation and the regulatory approval processes, market acceptance, our ability to obtain and protect intellectual property rights for our products, dependence on collaborative relationships, the effect of competitive products, industry trends and other risks identified in deCODE's filings with the Securities and Exchange Commission, including, without limitation, the risk factors identified in our most recent Annual Report on Form 10-K and any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. deCODE undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.

SOURCE deCODE genetics
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. deCODE genetics to Webcast Presentation at Thomas Weisel Partners Annual Healthcare Conference
2. deCODE genetics Announces Webcast of Conference Call to Discuss Third Quarter 2007 Financial Results
3. deCODE genetics Announces Third Quarter 2007 Financial Results
4. deCODE Launches deCODEme(TM)
5. deCODE genetics to Webcast Presentation at JPMorgan Annual Healthcare Conference
6. deCODE Discovers Gene Variants that May Help to Distribute the Work of Evolution between Men and Women
7. deCODE genetics to Webcast Presentation at BIO CEO and Investor Conference
8. deCODE genetics Announces Webcast of Conference Call to Discuss Full-year 2007 Financial Results
9. deCODE Genetics Announces Full-year 2007 Financial Results
10. deCODE genetics to Webcast Presentation at Lehman Brothers Eleventh Annual Global Healthcare Conference
11. deCODE genetics to Webcast Presentation at 15th Annual Future Leaders in the Biotech Industry Conference
Post Your Comments:
(Date:6/23/2016)... A person commits a crime, and the detective ... the criminal down. An outbreak of foodborne illness ... (FDA) uses DNA evidence to track down the bacteria that ... It,s not. The FDA has increasingly used a complex, cutting-edge ... illnesses. Put as simply as possible, whole genome sequencing is ...
(Date:6/23/2016)... FRANCISCO , June 23, 2016   EpiBiome ... has secured $1 million in debt financing from Silicon ... ramp up automation and to advance its drug development ... its new facility. "SVB has been an ... beyond the services a traditional bank would provide," said ...
(Date:6/23/2016)... 23, 2016  Blueprint Bio, a company dedicated to ... medical community, has closed its Series A funding round, ... "We have received a commitment from Forentis ... need to meet our current goals," stated Matthew ... runway to complete validation on the current projects in ...
(Date:6/23/2016)... ... June 23, 2016 , ... Velocity Products, a division of ... and optimized exclusively for Okuma CNC machining centers at The International Manufacturing Technology ... among several companies with expertise in toolholding, cutting tools, machining dynamics and distribution, ...
Breaking Biology Technology:
(Date:5/24/2016)... , May 24, 2016 Ampronix facilitates superior patient care by providing ...  3D medical LCD display is the latest premium product recently added to the range ... ... ... Sony 3d Imaging- LCD Medical Display- Ampronix News ...
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a ... the MegaMatcher Automated Biometric Identification System (ABIS) ... large-scale multi-biometric projects. MegaMatcher ABIS can process multiple ... using any combination of fingerprint, face or iris ... MegaMatcher SDK and MegaMatcher Accelerator , ...
(Date:4/19/2016)... The new GEZE SecuLogic access ... "all-in-one" system solution for all door components. It can ... door interface with integration authorization management system, and thus ... minimal dimensions of the access control and the optimum ... offer considerable freedom of design with regard to the ...
Breaking Biology News(10 mins):