deCODE Receives Trading Suspension and Delisting Notice From Nasdaq

Jan 05, 2010, 11:05 ET from DeCODE Genetics Inc

REYKJAVIK, Iceland, January 5 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. (Nasdaq: DCGN) today announced that it has received notice from the Nasdaq Stock Market that the company's common stock will be suspended from the Nasdaq Stock Market as of the open of business on January 6, 2010 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.

Following this action, it is possible that deCODE's common stock will be traded on the inter-dealer quotation service known as the "Pink Sheets." However this is not certain, as it would require a market maker to quote the stock, and there is no guarantee that any market maker will do so. In addition, so long as deCODE is not current in its reporting obligations under the Securities Exchange Act of 1934, any such quotation will be subject to additional restrictions.

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 today's announcement 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 first day papers and other 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 Saga 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
    joy.bessenger@decode.is

    Edward Farmer
    +354-570-2819
    edward.farmer@decode.is

    Gisli Arnason
    +354-570-1900
    gisli.arnason@decode.is

SOURCE DeCODE Genetics Inc