deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal
25 November 2009 - 7:30AM
PR Newswire (US)
REYKJAVIK, Iceland, November 24 /PRNewswire-FirstCall/ -- deCODE
genetics, Inc. (NASDAQ:DCGN) today announced that it has received
notice from the Nasdaq Stock Market that trading in the company's
common stock will be suspended as of November 30, 2009 and a Form
25-NSE will be filed with the Securities and Exchange Commission,
which will remove deCODE's common stock from listing on Nasdaq,
unless the company files an appeal to the Nasdaq Listing
Qualifications Panel. The company has filed such an appeal, which
will stay the suspension and delisting through the conclusion of
the appeals process. There is no guarantee that this appeal will be
successful. The notice from Nasdaq is pursuant to Listing Rules
5101, 5110 (b) and IM-5101-1, following the company's announcement
on November 17 that it had filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code. The
notice from Nasdaq also noted that the company is out of compliance
with Listing Rule 5250(c)(1), as a result of its failure to have
filed its quarterly report on Form 10-Q for the third quarter of
2009. About deCODE deCODE is a global leader in analysing and
understanding the human genome. The company 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. Visit us on the web at
http://www.decode.com/; http://www.decodediagnostics.com/;
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. Contacts: deCODE genetics Joy Bessenger
+1-212-481-3891 Edward Farmer +354-570-2819 Gisli Arnason
+354-570-1900 DATASOURCE: deCODE Genetics Inc CONTACT: Contacts:
deCODE genetics, Joy Bessenger, +1-212-481-3891, ; Edward Farmer,
+354-570-2819, ; Gisli Arnason, +354-570-1900,
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