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deCODE genetics Announces First Quarter 2008 Financial Results

nd build-up of our marketing efforts for our diagnostics and deCODEme businesses.

At March 31, 2008, the company had $69.5 million in cash, cash equivalents and investments, including restricted cash equivalents, compared to $94.1 million at December 31, 2007.

"Since the beginning of the year we have sharpened our strategic focus on capturing the commercial potential of our growing portfolio of DNA-based diagnostics for assessing risk of common diseases, and of our personal genome analysis service deCODEme(TM). We have what I believe are critical competitive advantages in these areas. In the first quarter, we have built out our marketing efforts to leverage these advantages, demonstrating our leadership in the breakthrough discoveries and the expertise in genetic analysis that distinguish the deCODE brand. We have also achieved positive clinical results for our heart attack and anti-platelet compounds DG051 and DG041, results which demonstrate the potential of these compounds as we pursue partnerships for later stage clinical development. I believe our progress over the past quarter demonstrates our commitment to realizing and capturing the value coming out of our capabilities in human genetics," said Kari Stefansson, CEO of deCODE.

Recent highlights include:

Product Development

-- Diagnostics: deCODE ProCa(TM). deCODE launched its fourth DNA-based

reference laboratory test, deCODE ProCa(TM), which detects single-

letter variations in the human genome (SNPs) that the company has

associated with increased risk of prostate cancer. deCODE believes the

test will be useful for better predicting risk of prostate cancer,

helping to optimize both screening and treatment. deCODE ProCa(TM)

detects a total of six previously discovered SNPs that have been

confirmed in many populations, as well as two SNPs on chromosomes X and

2 published by deCODE in February. Becau

SOURCE deCODE genetics
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