DeCODE Genetics

DeCODE Genetics

deCODE genetics, Inc. (Icelandic: Íslensk erfðagreining) NASDAQ: DCGN is a biopharmaceutical company based in Reykjavík, Iceland. The company was founded in 1996 to identify human genes associated with common diseases using population studies, and apply the knowledge gained to guide the development of candidate drugs. So far the company has isolated genes believed to be involved in cardiovascular disease, cancer and schizophrenia, among other diseases (the company's research concerning the latter is said to represent the first time a gene has been identified by two independent studies to be associated with schizophrenia ).

deCODE's approach to identifying genes, and in particular its attempt to set up an Icelandic Health Sector Database (HSD) containing the medical records and genealogical and genetic data of all Icelanders, has been very controversial, and prompted national and international criticism for its approach to the concepts of privacy and consent A legal judgement from the Icelandic Supreme Court in November 2003 effectively killed off the HSD project. However, the company believes it can continue to identify disease-related genes without such a database

The company was removed from the NASDAQ Biotechnology Index, effective with the market open on Monday, November 24, 2008 On November 2009 a press release announced that the company had filed for chapter 11 bankruptcy in a US court, listing total assets of $69.9 million and a debt of $313.9 million. According to the American law deCODE will continue its operations. In Jan 2010 most of deCODE genetics Inc.’s assets were purchased by Saga Investments LLC – an investment company whose owners include Polaris Venture Partners and ARCH Venture Partners intending to continue most services including deCODE diagnostics and deCODEme™ personal genome scans and management team.