Looking to get back on the right track, Iceland's deCODE Genetics announced that it will evaluate "strategic alternatives" as it looks to tighten up its business operations. Yesterday we reported that deCODE may be delisted from the NASDAQ because the company's market cap is at $32.8 million--short of the $50 million minimum needed to stay on the stock exchange. The company's stock has been declining steadily since 2006. Now the company said it's looking for buyers for some of its assets, though it didn't specify what exactly will be for sale. According to a statement, the end goal is to sharpen the focus of deCODE's business, sell non-core assets and secure strategic partnerships.
"We are in the process of creating a smaller, leaner deCODE that will devote its efforts and resources to one line of business. We have created a unique and growing portfolio of intellectual property, as well as a range of products and programs in both our drug development and diagnostics work, and are engaged in discussions with potential partners and purchasers for various programs and business units," said Kari Stefansson, CEO of deCODE.
- check out deCode's release for more