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Decode Genetics to Miss Interest Payment

NEW YORK (GenomeWeb News) – Decode Genetics disclosed in a filing with the US Securities and Exchange Commission yesterday that it will not make its scheduled Oct. 15 interest payment on its outstanding 3.5 percent convertible notes due 2011.

The cash-strapped firm said that it has to pay the interest within 30 days after the Oct. 15 date, or it will be in default under terms of the indentures securing the notes.

Last week, Decode increased the principal amount of a recently executed promissory note to $2.9 million.

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