deCODE Files for Bankruptcy- Planned Asset Sale

Late Monday evening, deCODE genetics, Inc. filed for chapter 11 bankruptcy protection in Delaware. The company, headquartered in Reykavik, Iceland, was incorporated in 1996 to engage "in gene discovery with the goal of bringing to market DNA-based reference laboratory tests and consumer genome analysis services."

While the company has developed and markets six such DNA-based diagnostic tests, it has primarily been devoted to research and development. As a result, the bankruptcy filings reveal that the company has recorded net losses in excess of $80 million each of the last three years and had amassed an accumulated deficit of over $712 million by the end of last year. In contrast, the company reported assets of less than $70 million as of June 30th.

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