Coda for DeCODE - November 17, 2009
Posted on behalf of Meredith Wadman
After a prolonged and painful illness, DeCODE Genetics, the pathbreaking Icelandic genetics and personal genomics firm, at last succumbed yesterday (16 November), filing in US Bankruptcy Court in Delaware for Chapter 11 bankruptcy protection. The Reykjavik-based company, founded in 1996 by neuroscientist Kári Stefánsson, announced its demise in a press release today, saying that the decision followed months of exploring restructuring possibilities.
The press release says that the Chapter 11 proceeding, “to facilitate the sale of substantially all of its assets”, includes an agreement for DeCode to sell its Iceland-based subsidiary, Islensk Erfdagreining, and its drug discovery and development programs, to Florida-based Saga Investments LLC whose investors include Polaris Venture Partners and Arch Venture Partners.
The agreement is subject to court approval.
In case any investors missed the point, the press release noted that “in the event of a liquidation, any recovery for stockholders of deCODE would be highly unlikely”.
For a graphic record of the patient’s ebbing pulse on the NASDAQ over the last decade, click here.
Comments
its really a creative idea to recognize decode genetics ahead, but is there some benefit for human kind or not??I wish a better circumtances but if atheis gene everywhere, what would gonna happen next?dying faster?I try to touch your heart and your brilliant brain to think a lot about humanity.
tq
Posted by: tiurma | November 18, 2009 02:49 AM