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deCODE to Utilize Grace Period for Interest Payment on Senior Convertible Notes
Date:4/15/2009

REYKJAVIK, Iceland, April 15 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced that in order to provide more time for the execution of strategic alternatives currently under consideration, it has 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 biopharmaceutical company developing drugs and DNA-based tests to improve the treatment, diagnosis and prevention of common diseases. Its therapeutic programs leverage the company's expertise in chemistry and structural biology, and deCODE's global leadership in human genetics has enabled it to identify 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, as well as the world's first personal genome analysis service, deCODEme(TM). deCODE is delivering on the promise of the new genetics.SM Visit us on the web at http://www.decode.com.

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 sufficient financing to continue as a going concern, the effect of a potential delisting of our common stock from The Nasdaq Capital Market, 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, our ability to form collaborative relationships, 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.

    Contacts:

    Joy Bessenger
    +1-212-481-3891
    joy.bessenger@decode.is

    Edward Farmer
    +354-570-2819
    edward.farmer@decode.is

    Gisli Arnason
    +354-570-1825
    gisli.arnason@decode.is



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SOURCE deCODE genetics Inc
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