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DeCode Announces SNP Discovery, Reiterates Revenue Projections

NEW YORK, July 1 - DeCode Genetics announced progress in several areas of its population genetics and target discovery research today, while reiterating that it will meet its revenue and cash-burn goals for the year.


The Reykjavik, Iceland, company announced in connection with an investor meeting that it had identified a set of SNPs on chromosome 5 that increases the risk of stroke by two-fold, and another one that doubles the risk of type 2 diabetes.


The company also said it had confirmed an earlier finding of a genetic mutation that increased risk for osteoporosis in studies outside Iceland. DeCode said it would receive milestone payments from its partner, Roche, on these findings.


DeCode additionally said that small-molecule lead discovery programs for schizophrenia, atherosclerosis, and peripheral arterial occlusive disease are progressing, and that it had identified a novel kinase target for asthma.


The company said it expects to receive $45 million in revenue for the year under its current contracts, and to burn $20 million in cash. The company had $93.2 million in cash and cash equivalents at the end of 2002.

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