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deCODE genetics Announces First Quarter 2009 Financial Results
Date:5/11/2009

h position and ARS. In January 2009, deCODE sold its auction rate securities (ARS) for approximately $11.0 million in cash through an agreement with NBI, an Icelandic financial institution. Under this agreement, deCODE has the call option to require NBI to sell the securities back to the company at any time until January 1, 2010. 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 or before December 31, 2009. - Nasdaq listing review. On April 28, deCODE received a letter from the Nasdaq Listing and Hearing Review Council stating that the Council has called for review the determination of the Nasdaq Listing Qualifications Panel regarding the delisting of the company's common stock from the Nasdaq Stock Market. Pending the completion of this review, the company's stock will continue to trade as usual on the Nasdaq Capital Market. - Notes interest payment. In order to provide more time for the execution of strategic alternatives currently under consideration, the company elected to utilize a 30-day grace period for the scheduled April 15 interest payment on its outstanding 3.5% Senior Convertible Notes due 2011.

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 i
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