REYKJAVIK, Iceland, November 24 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. (Nasdaq:DCGN) today announced the approval of all of its "first day" motions by the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). deCODE last week filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Bankruptcy Court.
The orders issued by the Bankruptcy Court allow the company to continue to operate its business during the Chapter 11 proceedings. In particular, the company received interim Bankruptcy Court approval of its previously-announced debtor-in-possession financing from Saga Investments, LLC, the "stalking horse" bidder for deCODE's Iceland-based genetics subsidiary. The subsidiary conducts deCODE's human genetics research, manages its population genetics resources, and provides its personal genome scans, DNA-based risk assessment tests and genomics services for contract customers. The funding provided by this agreement will be used to support deCODE and its Icelandic subsidiary's operations and full range of products and services through the conclusion of the Bankruptcy Court-supervised sale process.
deCODE is a global leader in analysing and understanding the human
genome. deCODE 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. Through its CLIA- and CAP-certified laboratory
deCODE offers DNA-based tests for g
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