deCODE genetics Announces Third Quarter 2007 Financi...(1.3 millioncompared to $42.9 million for...)

Date:11/5/2007

1.3 million, compared to $42.9 million for the first nine months of 2006. Our research and development expense this year reflects the advancement of our drug development programs, the launch of our first three DNA-based tests for gauging individual risk of common diseases, and the acceleration of our gene and target discovery work in several major disease areas.

Selling, general and administrative expense for the third quarter of 2007 was $7.1 million, compared to $6.9 million for the 2006 period. For the first nine months of the year, SG&A expense was $19.4 million in 2007 and $16.6 million in 2006. The increases in SG&A expense year-on-year reflect the build- up of our diagnostics business as well as increased salary and stock-based compensation expense in the 2007 periods.

At September 30, 2007, the company had $118.6 million in cash, cash equivalents and investments, including restricted cash equivalents, compared to $152.0 million at December 31, 2006.

"The success of our gene discovery work is giving us a steady stream of novel targets for both diagnostics and therapeutics in major therapeutic areas. With the launch of deCODE AF(TM) and deCODE MI(TM), we have continued in the past quarter to expand our portfolio of DNA-based risk predisposition tests, offering new tools for focusing and improving disease prevention. More such products, including tests in glaucoma and other conditions, as well as a service through which individuals can begin to learn about their own genome, are on the way in the coming months," said Kari Stefansson, CEO of deCODE.

"In our drug development program targeting the leukotriene pathway for the prevention of heart attack, DG051 is now in a phase IIa trial that will aid us in dose selection for a larger Phase II study scheduled for early next year, and we expect to complete our bioequivalence analysis for our lead reformulation for DG031 before the end of 2007. With DG041, our Phase II anti- platelet compound, w
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SOURCE deCODE genetics Copyright©2007 PR Newswire. All rights reserved

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