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DeCode Stands to Pocket $43M in Convertible Debt to Help Pay for Drug Discovery

NEW YORK (GenomeWeb News) — DeCode Genetics today said it will pocket around $43 million in a convertible note placement, which it will use to pay for drug development programs and general corporate use.
 
Decode said it has commitments from investors to buy $65 million worth of senior convertible notes due in 2011. The debt will be convertible into Decode common stock at an initial conversion rate of 71.4286 shares per $1,000 principal amount of notes, equivalent to an initial conversion price of $14 per share.
 
The company said it may redeem the notes beginning April 20, 2009.
 
The company said the offering should close by Nov. 17.

The Scan

Shape of Them All

According to BBC News, researchers have developed a protein structure database that includes much of the human proteome.

For Flu and More

The Wall Street Journal reports that several vaccine developers are working on mRNA-based vaccines for influenza.

To Boost Women

China's Ministry of Science and Technology aims to boost the number of female researchers through a new policy, reports the South China Morning Post.

Science Papers Describe Approach to Predict Chemotherapeutic Response, Role of Transcriptional Noise

In Science this week: neural network to predict chemotherapeutic response in cancer patients, and more.