As a valued subscriber to deCODEme, we wanted to write to you directly to let you know about some important developments in the company and how we believe these will underpin our ability to continue to keep you in the forefront of understanding what the latest advances in genetics mean to you.
For the past several months, deCODE has been working on restructuring its operations. One of the principal goals of this effort has been to enable us to find new investment that will continue our work in human genetics and to offer to our customers the products and services that are based upon our expertise and capabilities. Today we have announced concrete steps in that direction. This morning deCODE genetics, Inc. filed a voluntary petition for Chapter 11 protection in the United States. At the same time, there has also been filed with the court an offer by Saga Investments LLC to purchase deCODE’s Icelandic subsidiary, Islensk Erfdagreining (IE). IE, which is not declaring bankruptcy, carries out all of deCODE’s human genetics work and and provides deCODEme.
We believe this offer provides a firm foundation for continuing to offer you the same path breaking science and service you expect from deCODEme. Saga is led by Polaris Venture Partners and Arch Venture Partners, two leading technology investors who were involved in the founding of deCODE. While other higher bids may be made for IE under the Chapter 11 process, this offer, even if no others are forthcoming, provides resources for us to continue operations without interruption during the Chapter 11 proceedings, and would provide up front funds sufficient to support operations for two years. With the filing today, deCODE has also asked the Court for the customary authority to continue to manage its operations and serve its customers during the proceedings.
For this reason, we do not expect this to have any impact on your deCODEme account. As ever, our commitment at deCODEme is to keep you in the forefront of progress in understanding the human genome and what it means for you and your health.
Please don’t hesitate to get in touch with our customer support team if you have any questions.
With best regards,