deCODE genetics, Inc. (Nasdaq:DCGN) today announced the approval of all
of its "first day" motions by the U.S. Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court"). deCODE last week filed a voluntary
petition for relief under Chapter 11 of the United States Bankruptcy Code
with the Bankruptcy Court.
The orders issued by the Bankruptcy Court allow the company to continue
to operate its business during the Chapter 11 proceedings. In particular, the
company received interim Bankruptcy Court approval of its
previously-announced debtor-in-possession financing from Saga Investments,
LLC, the "stalking horse" bidder for deCODE's Iceland-based genetics
subsidiary. The subsidiary conducts deCODE's human genetics research, manages
its population genetics resources, and provides its personal genome scans,
DNA-based risk assessment tests and genomics services for contract customers.
The funding provided by this agreement will be used to support deCODE and its
Icelandic subsidiary's operations and full range of products and services
through the conclusion of the Bankruptcy Court-supervised sale process.
About deCODE
deCODE is a global leader in analysing and understanding the human
genome. deCODE has identified key variations in the sequence of the genome
conferring increased risk of major public health challenges from
cardiovascular disease to cancer, and employs its gene discovery engine to
develop DNA-based tests to assess individual risk of common diseases; to
license its tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and research
institutions around the globe. Through its CLIA- and CAP-certified laboratory
deCODE offers DNA-based tests for gauging risk and empowering prevention of
common diseases, including deCODE T2(TM) for type 2 diabetes; deCODE AF(TM)
for atrial fibrillation and stroke; deCODE MI(TM) for heart attack; deCODE
ProstateCancer(TM) for prostate cancer; deCODE Glaucoma(TM) for a major type
of glaucoma; and deCODE BreastCancer, for the common forms of breast cancer.
Through its pioneering personal genome analysis service deCODEme(TM), deCODE
enables individuals to better understand their risk of dozens of common
diseases and to learn about their ancestry and other traits. Visit us on the
web at http://www.decode.com; at http://www.decodediagnostics.com; at
http://www.decodeme.com; and on our blog at http://www.decodeyou.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 include, without limitation, statements regarding
deCODE's expectations concerning the bankruptcy process and the continuation
of day-to-day operations. deCODE's actual results could differ materially
from those anticipated in the forward-looking statements as a result of risks
and uncertainties, including, without limitation, (1) the impact of the
announcement of its bankruptcy filing on deCODE's operations; (2) the ability
of deCODE to maintain sufficient debtor-in-possession financing to fund its
operations and the expenses of the Chapter 11 proceeding; (3) the ability of
deCODE to obtain court approval of its motions in the Chapter 11 proceeding;
(4) the outcome and timing of the proposed sale of deCODE's assets, including
deCODE's ability to close a transaction with SagaInvestments, LLC or any
other purchaser; (5) the uncertainty associated with motions by third parties
in the bankruptcy proceeding; (6) deCODE's ability to obtain and maintain
normal terms with vendors and service providers and contracts that are
critical to its operation; and (7) 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:
deCODE genetics
Joy Bessenger Edward Farmer Gisli Arnason
+1-212-481-3891 +354-570-2819 +354-570-1900
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Source: DeCODE Genetics Inc
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