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deCODE genetics, Inc. (DCGN) Announces Approval of First Day Motions by Bankruptcy Court


11/24/2009 8:54:14 AM

REYKJAVIK, Iceland, November 24 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. 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.

CONTACT: Contacts: deCODE genetics, Joy Bessenger, +1-212-481-3891,
ir@decode.is; Edward Farmer, +354-570-2819, info@decode.is; Gisli Arnason,
+354-570-1900, info@decode.is


Read at BioSpace.com

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