deCODE genetics completes sale of its Iceland-based subsidiary to Saga Investments

deCODE genetics, Inc. today announced that it has completed the previously-announced sale of its Iceland-based subsidiary deCODE genetics ehf (also known as Islensk erfdagreining) and its drug discovery and development programs to Saga Investments LLC, a private company. The sale followed approval by the U.S. Bankruptcy Court for the District of Delaware in deCODE genetics Inc.'s ongoing proceeding under Chapter 11 of the U.S. Bankruptcy Code. Under its new owners, deCODE genetics ehf will continue its human genetics operations and all of the deCODE brand products and services, including management of its population genetics resources.

deCODE genetics, Inc. also announced today that it is changing its name to DGI Resolution, Inc. Information about the company and its Chapter 11 proceeding can be found at its website, www.DGIResolution.us and at www.delclaims.com. DGI Resolution, Inc. expects that it will be liquidated pursuant to a plan of liquidation which will be subject to the approval of the bankruptcy court.  In the event of a liquidation, any recovery for its stockholders would be highly unlikely.  

SOURCE DGI Resolution, Inc.