Analysts Say deCODE Genetics Headed for Bankruptcy Court

Analysts Say deCODE Genetics Headed for Bankruptcy Court

by Dr. Hsien-Hsien Lei
Posted November 13, 2008 in Business of DNA

deCODE’s problems should not be any surprise to those following Iceland’s massive financial crisis. Morningstar’s Matthew Coffina has now listed deCODE stock as one of five that “look completely worthless.”

deCODE Genetics (DCGN)

From the Analyst Report: “DeCODE Genetics engages in some provocative research projects…. However, the company has yet to gain approval from the Food and Drug Administration for any of its products, and it is currently facing a severe liquidity crisis. It appears more likely to us that deCODE might no longer be a viable entity.”

via Genealogy-DNA-L

(2 comments)


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2 Comments

Comment by Andrew Yates

:(

I hope the best for the people of Iceland. deCODE was their hope for a new biotech industry, and remember, the entire country is only a few hundred thousand people.

Too bad the criminals who used their country’s currency and credit to launder money through their banker salaries and bonus are now probably living it up in London by now.

 
Comment by Christopher Phillips

Who will handle the private data generated for the thousands of customers of deCodeMe ? The overheads are probably small but if the Krona is so low now there won’t be enough for even the barest of caretaking duties.

Consumer genetics seems to me to be so dependent on venture capital that it’s likely to disappear as a feature of our web landscape or diversify into ‘lean ancestry suppliers’ (relying on cheap and quick uni-parental loci that often give spurious suggestions of genealogy – see Oxford Ancestors).

 

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