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Decode Genetics Increases Amount on Promissory Note

NEW YORK (GenomeWeb News) – Decode Genetics disclosed in a filing yesterday with the US Securities and Exchange Commission that it has increased the principal amount of a recent promissory note to $2.9 million.

The increase was the second time that Decode has increased the amount of the note.

In early September, the firm initially executed the promissory note with Saga Investments with a principal amount of $700,000, which had an interest rate of 8 percent per annum and was payable in full on Oct. 11, 2009. Then last week, it disclosed that the principal amount had been increased to $1.87 million. The other terms of the initial agreement with Saga remain in place, Decode said in the filing yesterday.

The firm had also said last week that it will close its Woodridge, Ill., facility and eliminate around 60 positions.

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