deCODE has also entered into a secured loan agreement with Saga which, subject to bankruptcy court approval, will provide the Company with interim financing to fund post-petition operating expenses. deCODE expects this debtor-in-possession financing, if consummated, to allow the delivery of services to deCODE's customers and clients to continue without interruption during the bankruptcy process. Saga's investors include Polaris Venture Partners and Arch Venture Partners.

deCODE has filed various "first day" motions with the bankruptcy court to ensure its ability to conduct normal business operations. This Chapter 11 filing is for deCODE genetics, Inc. only and does not include IE or deCODE's former U.S.-based subsidiaries deCODE Biostructures Inc. and Emerald BioSystems Inc., recently sold to an unrelated third party.

Additional information about deCODE's Chapter 11 case, which has been assigned case number 09-14063, will be posted along with bankruptcy court documents when these become available on the website of the court's claims agent at www.delclaims.

SOURCE deCODE genetics