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Bankruptcy Court Allows Decode Genetics to Continue Operations

NEW YORK (GenomeWeb News) – Decode Genetics today said that the US Bankruptcy Court for the District of Delaware has approved "first day" motions for the firm's petition for relief under Chapter 11 filed last week.

Decode said that the court has allowed the firm to continue operating during the Chapter 11 proceedings. The court also granted interim approval for the firm's debtor-in-possession financing from Saga Investments.

Decode had said in the filing last week that it has reached an agreement to sell its Iceland-based subsidiary Islensk Erfdagreining (IE), and its drug discovery and development programs to Saga, which has backing from venture capital firms Polaris Venture Partners and Arch Venture Partners.