Miscellaneous

Altered deCode back on its feet

01.02.2010

Reykjavik – Icelandic gene-hunter deCode Genetics has emerged from bankruptcy and will continue its genetics research and gene-based diagnostics as a private company, but it will abandon its efforts to develop drugs from its discoveries. The Reykjavik-based firm became known for using its knowledge of the human genome to detect genes associated with the risk of common diseases such as schizophrenia, cancer and heart disease. But despite its scientific success, deCode Inc. was unable to translate its findings into marketable products, and ran out of money in November of last year.
Now the company has begun a restructuring effort. It sold its Islenk Erfdagreining subsidiary, which is the custodian of deCode’s IP, to Saga Investments LLC. That alliance includes the two life science investment companies Polaris Ventures and ARCH Venture Partners.
The step has faciliated the re-emergence of deCode as deCode genetics ehf. The bankrupt parent company will change its name to DGI Resolution Inc., and is expected to be liquidated. In its new form, the company will be run by a new chief executive, Earl Collier, and by deCode-founder Kari Stefansson. Collier is a lawyer, a previous vice president of Genzyme and a member of deCode’s board. He will now lead the commercial operation from Boston (US).
Stefansson will give up his post as chief executive and become head of research and Executive Chairman. He said that the company’s genetic research in Iceland would carry on as before, and that deCode would “continue to outperform” its mostly university-based rivals in the US and the UK.

Politics / Law

23.03.2012

Brussels/Strasbourg – Health claims are set to be drastically limited in the EU. On Wednesday 21 March the Environment Committee of the European Parliament confirmed a proposal of the European Commission to prohibit 1,600 health...

Politics / Law

15.03.2012

Parma/Stockholm – Foodborne bacteria such as Salmonella and Campylobacter are becoming more and more resistant to antimicrobial drugs, according to a joint report published by the European food watchdog EFSA and the European...

BioFunding

09.03.2012

In mid-February, scientists and entrepreneurs from nine EU countries met at the Center for Genomic Regulation (CRG) in Barcelona to launch the 4DCellFate project. Positioned within the FP7 Programme, the consortium will receive...

BioFunding

09.03.2012

Brussels – The EU’s Innovative Medicines Initiative (IMI) will establish the European Lead Factory, an EU-wide public-private partnership aiming to facilitate drug discovery efforts. The Lead Factory will comprise a...

Editorial

07.03.2012

T    he societal and economic challenges facing Europe and the world are complex and interconnected. The Bioeconomy Strategy and Action Plan “Innovating for Sustainable Growth: a Bioeconomy for Europe”, which was adopted by the...

Tech Review

07.03.2012

Intellectual Property (IP) is without question one of the most vital aspects of any bio­tech venture, a key and undisputed factor for success. However, most bio­tech companies are still incapable of unlocking the value of their...

Clinical Trial

07.03.2012

Schlieren – Swiss Cytos Biotechnology Ltd. has been authorised to restructure a convertible bond by Canton of Zurich authorities. The company does not have enough cash to pay it back. Negotiations with bond holders failed in a...

Clinical Trial

06.03.2012

Munich – German 4SC AG jumped 39% to €2.05/share after oncology drug candidate resminostat met the primary endpoint of at least a 20% progression-free survival rate in a Phase II trial to treat patients with hepatocellular...

Editorial

06.03.2012

The start of 2012 witnessed the tides turning in favour of small and mid-cap names in the European Life Sciences sector. Major global biotechnology indices like the NBI, BTK, and BIOTK are up over 15% year to date. The pace of...

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