deCODE Appoints New CEO, Emerges from Bankruptcy

January 22, 2010 | Iceland's deCODE genetics ehf has emerged from bankruptcy as a private company focused on human genetics research, genetic diagnostics, and personal genomics. 

Former subsidiary deCODE ehf was purchased from its former publicly traded parent company (since renamed DGI Resolution) by Saga Investments, a consortium that includes Polaris Ventures and ARCH Venture Partners. deCODE says it intends to continue its gene discovery operations and selling its diagnostic kits and consumer genomics service, deCODEme, as well as contract service offerings including genotyping, sequencing and data analysis.

While founder and former CEO Kari Stefansson remains with the company, it will be led by former Genzyme executive Earl “Duke” Collier, who will serve as CEO. Stefansson assumes the role of executive chairman and president of research.

In a statement, Stefansson commented: “deCODE has led the world in discovering variants in the sequence of the human genome that affect the risk of common diseases. Our resources and expertise have also enabled us to develop the leading analytical tools in the field, and we are putting all of this to work to provide unique value for patients, physicians and researchers. As we enter the era of sequencing entire genomes, we believe our ability to make sense of ever larger amounts of data will continue to keep us in the lead in discovery. And with our now solid financial backing and the splendid addition of Duke Collier to our management, we will be taking a lead in the translation of our science into powerful products and services.”

Collier said: “deCODE combines world class science devoted to human genetics, unmatched access to genetic data, and a powerful set of tools for managing and analyzing this data. SNP genotyping, and now genomic sequencing, is taking human genetics into an ever expanding world of research, discovery and translation. With its scientific skill and industrial scale analytical capacity, deCODE will be an invaluable partner to investigators, labs and companies working at the highest levels of sophistication in this exciting field. I am thrilled by the challenge and the opportunity.”