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Decode Genetics to Utilize Grace Period on Convertible Notes

NEW YORK (GenomeWeb News) – Decode Genetics today said that it would utilize a 3-day grace period for the scheduled April 15 interest payment on its outstanding 3.5 percent senior convertible notes due 2011.

The firm said that it is exercising that option "in order to provide more time for the execution of our strategic alternatives currently under consideration."

In recently announcing its fourth-quarter and fiscal 2008 financial results, Decode said that it finished the year with cash, cash equivalents, and current investments of $3.7 million, which it said was sufficient to fund operations only into its second quarter.

The company had announced in December that it was evaluating strategic alternatives for its business, including finding buyers or partners for its non-core business units, programs, and intellectual property.

The firm did not disclose the amount of the interest payment that was due today.

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