deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal
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.
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 firstname.lastname@example.org Edward Farmer +354-570-2819 email@example.com Gisli Arnason +354-570-1900 firstname.lastname@example.org
SOURCE deCODE Genetics Inc