Key Developments For deCODE genetics, Inc.
deCODE genetics, Inc. (DCGN.O) (Consolidated Issue listed on NASDAQ Global Market)
deCODE genetics, Inc. Files Voluntary Chapter 11 Petition To Facilitate Sale Of Assets
deCODE genetics, Inc. announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware to facilitate the sale of substantially all of its assets. deCODE is continuing to operate its business and manage its properties as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. In recent months, deCODE and its advisors have explored multiple restructuring alternatives, including the sale of specific portions of deCODE's operations, the sale or license of its drug discovery programs, the restructuring of its outstanding convertible notes and the obtaining of new equity financing. As a result of these efforts, deCODE has entered into and filed concurrently with its Chapter 11 petition an asset purchase agreement with Saga Investments LLC (Saga) to sell its Iceland-based subsidiary Islensk Erfdagreining, and its drug discovery and development programs. deCODE expects that if the asset sale is consummated it would be liquidated pursuant to a plan of liquidation which would be subject to the approval of the bankruptcy court. deCODE has also entered into a secured loan agreement with Saga which, subject to bankruptcy court approval, will provide deCODE with interim financing to fund post-petition operating expenses. Saga's investors include Polaris Venture Partners and Arch Venture Partners.
deCODE genetics, Inc. and Celera Corporation Partner to Expand Use of deCODE Risk Markers for Heart Attack, Stroke and Diabetes
deCODE genetics, Inc. and Celera Corporation announced the signing of agreements under which deCODE has granted Celera non-exclusive worldwide licenses to deCODE's genetic markers for increased risk of major cardiovascular and metabolic diseases, including heart attack, stroke, atrial fibrillation (AF) and type 2 diabetes (T2D). These markers can be incorporated into laboratory tests for assessing and managing individual risk of these diseases. The deCODE markers include single letter variations in the human genome (SNPs) on chromosome 9p21 linked to increased risk of heart attack and aortic aneurysm, SNPs on chromosome 4q25 conferring risk of AF and stroke, and SNPs in the TCF7L2 gene linked to increased risk of T2D. Studies by deCODE and independent academic groups have demonstrated the utility of testing for these markers to better understand individual risk and to inform more effective and personalized prevention and therapy. Under the terms of the agreements, deCODE will receive an upfront payment and royalties on sales of testing products incorporating its markers. Additional financial details were not disclosed.
deCODE genetics, Inc. Receives California Clinical Laboratory License
deCODE genetics, Inc. announced that it has received a clinical laboratory license from the State of California. The quality and scale of deCODE's in-house, CLIA-registered genotyping laboratory underpins deCODE's global leadership in the discovery of variations in the sequence of the human genome conferring risk of common diseases. The same staff and facility also process deCODE's DNA-based reference laboratory tests for gauging individual risk of major public health challenges ranging from heart attack to breast cancer, as well as the Company's pioneering deCODEme scans, the personal genome analysis and focused disease area scans. With this license, California residents can now benefit from the unrivalled quality of deCODE products for understanding risk and, working with their physicians, empowering the prevention of common diseases.
deCODE genetics, Inc. Announces Multinational deCODE Study Identifies New Link Between Inflammation and Heart Attack
deCODE genetics, Inc. announced that in a paper published , scientists at deCODE genetics and academic colleagues from four continents present a novel insight into the connection between inflammation and heart disease. Through a genome-wide search in some 10,000 Icelanders, the deCODE team discovered several common single-letter variations in the sequence of the human genome (SNPs) that increase levels of eosinophils in the bloodstream. These are a type of white blood cell that fights parasite infection and mediates inflammation. One of these SNPs, located on chromsome 12q24, was then shown to confer increased risk of heart attack through analysis of the genomes of more than 46,000 patients and controls from Iceland, New Zealand, Italy, and the United States. Given the established role of eosinophils in asthma, the deCODE team also analyzed the eosinophil SNPs in more than 50,000 asthmatics and healthy control subjects from the countries above as well as from Germany, Sweden, Australia, and South Korea. A SNP on chromosome 2q12 was associated with increased risk of asthma, and three other SNPs were associated with risk of atopic asthma.
deCODE genetics, Inc. Sells Auction Rate Securities
deCODE genetics, Inc. announced that it has entered into an agreement with NBI, an Icelandic financial institution, pursuant to which NBI has purchased deCODE's auction rate securities for an aggregate price of $11 million. Pursuant to the agreement, deCODE has the call option to require NBI to sell the securities back to the Company at any time prior to December 31, 2009. 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 December 31, 2009.
