BioCentury
ARTICLE | Company News

deCode files for Chapter 11

November 18, 2009 2:11 AM UTC

deCode genetics Inc. (NASDAQ:DCGN) filed for Chapter 11 bankruptcy to facilitate the sale of its assets. The company plans to sell its Islensk Erfdagreining subsidiary to Saga Investments LLC. Islensk 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. Saga also would gain deCode's drug development programs, including DG041, a prostaglandin E2 (PGE2) receptor EP3 subtype antagonist in Phase II testing to prevent arterial thrombosis. deCode said that if the asset sale is completed then the company would be liquidated and any recovery for deCode stockholders would be "highly unlikely." ...