deCODE genetics, Inc. Receives The Nasdaq Stock Market -- New York Deficiency Notice
REYKJAVIK, Iceland, December 30 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. today announced that it has received a notice from the Nasdaq Stock Market ("Nasdaq") stating that for 30 consecutive business days the market value of the publicly held shares of its common stock has been below $15 million, the minimum level required for continued listing on The Nasdaq Global Market as set forth in Nasdaq Listing Rule 5450(b)(3)(C). In accordance with Nasdaq Listing Rule 5810(c)(3)(D), deCODE will be provided a period of 90 calendar days from the date of the notice in which to regain compliance. If at any time during this period the market value of the publicly held shares of deCODE's common stock is $15 million or more for a minimum of 10 consecutive business days, Nasdaq will provide deCODE with written confirmation of compliance and the matter will be closed.
As previously reported, deCODE has appealed the potential suspension of trading in its common stock and the subsequent delisting from Nasdaq pursuant to a notice from Nasdaq received on November 18, 2009. A decision on this matter is expected in January, 2010.
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; (7) the effect of a potential delisting of our common stock from The Nasdaq Global Market; and (8) 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