REYKJAVIK, Iceland, May 11 /PRNewswire-FirstCall/ -- deCODE
genetics (NASDAQ:DCGN) today announced its consolidated financial
results for the quarter ended March 31, 2009. A conference call to
discuss these results and recent developments in the company's
business will be webcast live tomorrow, Tuesday, May 12, at 8:00am
Eastern Daylight Time/12 noon GMT/1pm British Summer Time (details
below). Net loss for the quarter ended March 31, 2009 was $12.6
million, compared to $26.7 million for the first quarter 2008.
Basic and diluted net loss per share was $0.21 for the first
quarter 2009, compared to $0.44 for first quarter last year. At
March 31, 2009, the company had approximately 61.8 million shares
outstanding. Revenue for the first quarter 2009 was $8.9 million,
versus $15.0 million for the first quarter last year. This decline
is due principally to lower contract service revenues. At March 31,
2009, the company had $12.7 million in deferred revenue, which will
be recognized over future reporting periods. Research and
development expense for proprietary programs was $4.2 million for
the first quarter of this year, compared to $12.7 million for the
same period last year. This reflects the company's current focus on
applying its established capabilities in human genetics to drive
its diagnostics and deCODEme businesses, and the curtailment of
investment in clinical trials for its therapeutics programs
reflected in the 2008 period. Selling, general and administrative
expenses for the first quarter 2009 were $4.9 million, compared to
$7.2 million for the first quarter 2008. At March 31, 2009, the
company had cash and cash equivalents of $6.1 million, compared to
$3.7 million at December 31, 2008. In early 2009 the company sold
its auction rate securities (ARS) for approximately $11.0 million
in cash, and last month, the company signed licensing agreements
with Celera Corporation under which it received an upfront payment
and will receive royalties on sales of Celera testing products and
services incorporating deCODE genetic risk markers. The company
believes it has sufficient resources to sustain operations through
the second quarter of this year. "Over the past few months we have
been recasting deCODE's business around what we do best: discover
genetic risk factors for common diseases and apply those findings
in tests and services that can improve the prevention and treatment
of disease. Our partnership with Celera is one facet of this
strategy. Preliminary acceptance of our US patent application for
one of our major genetic risk markers also underscores the wisdom
of our approach to intellectual property, both for differentiating
our products from the rest of the field and for pursuing additional
licensing partnerships. At the same time, we are engaged in
negotiations on large-scale sequencing collaborations, debt
restructuring and equity financing, and on the sale of certain
business units and therapeutics programs. Our aim in pursuing all
of these opportunities is to position deCODE to capture the
commercial potential of our leadership in human genetics," said
Kari Stefansson, CEO of deCODE. Recent operating highlights
include: Product Development and Partnerships - Celera. Last month,
deCODE entered into agreements with Celera Corporation under which
it has granted Celera non-exclusive worldwide licenses to deCODE's
genetic markers for increased risk of major cardiovascular and
metabolic diseases, including heart attack, stroke, atrial
fibrillation (AF) and type 2 diabetes (T2D). The markers include
SNPs discovered by deCODE on chromosome 9p21 linked to increased
risk of heart attack and types of aneurysm, on chromosome 4q25
conferring risk of AF and stroke, and in the TCF7L2 gene linked to
increased risk of T2D. These markers, which deCODE uses in its own
risk assessment tests and deCODEme service, are among the highest
impact and best- validated genetic risk factors for these
conditions. Celera plans to incorporate them into risk assessment
and testing services offered by its subsidiary Berkeley HeartLab,
and deCODE will receive royalties on sales of tests and services
utilizing its markers. - deCODEme(TM) personal genome scans. In
addition to its pioneering full-genome scan, deCODEme(TM) in
January launched the first focused genetic scans for assessing
personal risk of several major cardiovascular diseases and common
cancers. These scans offer a targeted snapshot of disease risk in
two areas that may be of specific interest to certain subscribers,
with deCODE quality science and analysis at a modest price.
deCODEme Cardio(TM) detects genetic risk factors for heart attack,
stroke and atrial fibrillation, two types of aneurysm and venous
thromboembolism. deCODEme Cancer(TM) measures genetic risk factors
for prostate, lung, bladder, skin and colorectal cancers, as well
as the common form of breast cancer. - Gene and diagnostic target
discovery. Since the beginning of the year deCODE has extended its
list of major gene discoveries. In January, deCODE scientists and
colleagues from eleven countries announced the discovery of common
single-letter variations in the human genome (SNPs) linked to
susceptibility of lung, bladder, prostate, skin and cervical
cancers. In February deCODE published the first genetic risk factor
for essential tremor, as well as major risk factors for thyroid
cancer. deCODE has incorporated these findings into deCODEme(TM)
and the newly- launched deCODEme Cancer(TM) scan. Finance - Cash
position and ARS. In January 2009, deCODE sold its auction rate
securities (ARS) for approximately $11.0 million in cash through an
agreement with NBI, an Icelandic financial institution. Under this
agreement, deCODE has the call option to require NBI to sell the
securities back to the company at any time until January 1, 2010.
NBI has the put option to require deCODE to repurchase the
securities following the sale of certain other deCODE assets, or if
not previously repurchased, on or before December 31, 2009. -
Nasdaq listing review. On April 28, deCODE received a letter from
the Nasdaq Listing and Hearing Review Council stating that the
Council has called for review the determination of the Nasdaq
Listing Qualifications Panel regarding the delisting of the
company's common stock from the Nasdaq Stock Market. Pending the
completion of this review, the company's stock will continue to
trade as usual on the Nasdaq Capital Market. - Notes interest
payment. In order to provide more time for the execution of
strategic alternatives currently under consideration, the company
elected to utilize a 30-day grace period for the scheduled April 15
interest payment on its outstanding 3.5% Senior Convertible Notes
due 2011. About deCODE deCODE is a bio-pharmaceutical company
developing drugs and DNA-based tests to improve the treatment,
diagnosis and prevention of common diseases. Its lead therapeutic
programs, which leverage the company's expertise in chemistry and
structural biology, include DG041, an antiplatelet compound being
developed for the prevention of arterial thrombosis; DG051 and
DG031, compounds targeting the leukotriene pathway for the
prevention of heart attack; and DG071 and a platform for other PDE4
modulators with therapeutic applications in Alzheimer's disease and
other conditions. deCODE is a global leader in human genetics, and
has identified key variations in the genome (SNPs) conferring
increased risk of major public health challenges from
cardiovascular disease to cancer. Based upon these discoveries
deCODE has brought to market a growing range of DNA-based tests for
gauging risk and empowering prevention of common diseases. Through
its CLIA-registered laboratory, deCODE offers deCODE T2(TM) for
type 2 diabetes; deCODE AF(TM) for atrial fibrillation and stroke;
deCODE MI(TM) for heart attack; deCODE ProstateCancer(TM) for
prostate cancer; deCODE Glaucoma(TM) for a major type of glaucoma;
and deCODE BreastCancer, for the common forms of breast cancer.
deCODE is delivering on the promise of the new genetics.SM Visit us
on the web at http://www.decode.com/; on our diagnostics site at
http://www.decodediagnostics.com/; for our pioneering personal
genome analysis service and new focused disease scans, integrating
the genetic variants included in these tests and those linked to
another twenty common diseases, as well as for our new deCODEme
Cardio(TM) and deCODEme Cancer(TM), at http://www.decodeme.com/;
and on our blog at http://www.decodeyou.com/. Conference Call
Information A conference call, during which deCODE CEO Kari
Stefansson and CFO Lance Thibault will discuss the past year's
financial results and operating highlights, will be webcast
tomorrow, Tuesday, May 12, at 8:00am EDT/12 noon GMT/1pm BST. The
webcast can be accessed via the Investors section of deCODE's
website, http://www.decode.com/, or through
http://www.earnings.com/. A replay of the call will be available on
these websites for at least one week following the call. A
digitized telephone replay of the call can be accessed for the week
following the call by dialing 1 800 475 6701 from the US, or +1 320
365 3844 from outside the US. The access code is 100482. Condensed
Consolidated Statements of Operations For the three months ended
March 31, 2009 2008 In thousands, except per share amounts
(unaudited) Revenue...................................... $ 8,917 $
14,978 OPERATING EXPENSES Cost of
revenue............................ 8,184 14,714 Research and
development............... 4,233 12,653 Selling, general and
administrative....... 4,903 7,211 Total operating
expense........... 17,320 34,578 Operating
loss................................ (8,403) (19,600) Interest
income.............................. 157 1,037 Interest
expense............................. (4,626) (4,025) Other
non-operating income and (expense), net*. 235 (4,077) Net loss
.................................... $ (12,637) $ (26,665) Basic
and diluted net loss per share: $ (0.21) $ (0.44) Shares used in
computing basic and diluted net loss per share...................
61,489 61,266 Condensed Consolidated Balance Sheet Data At March
31, At December 31, 2009 2008 In thousands, (unaudited) Cash and
cash equivalents........... $ 6,148 $ 3,701 Total
assets....................... 74,616 75,137 Total
liabilities................... 307,165 296,213 Total shareholders'
equity (deficit). (232,549) (221,076) * Other non-operating expense
for the three-months ended March 31, 2009 and 2008 principally
reflects an unrealized loss resulting from the revaluation of the
company's non-current auction rate security investments and for the
three-months ended March 31, 2009 offset by foreign currency
translation gains. 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 are subject to a number of risks and uncertainties that
could cause actual results, and the timing of events, to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, among others, those relating
to our ability to obtain sufficient financing to continue as a
going concern, the outcome of the review of the continued listing
of our common stock on The Nasdaq Stock Market, our ability to
develop and market diagnostic products, the level of third party
reimbursement for our products, risks related to preclinical and
clinical development of pharmaceutical products, including the
identification of compounds and the completion of clinical trials,
our ability to form collaborative relationships, the effect of
government regulation and the regulatory approval processes, market
acceptance, our ability to obtain and protect intellectual property
rights for our products, dependence on collaborative relationships,
the effect of competitive products, industry trends and 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 Gisli Arnason +354-570-1900 Edward Farmer
+354-570-1900 DATASOURCE: deCODE genetics Inc CONTACT: Contacts:
deCODE genetics: Joy Bessenger, +1-212-481-3891, ; Gisli Arnason,
+354-570-1900, ; Edward Farmer, +354-570-1900,
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