Cash-strapped deCODE seeking alternatives

deCODE genetics is carrying out a review of its long-term business strategy, ultimately hoping to sell non-core assets or form partnerships to fund product development and marketing efforts in its core business.

The Icelandic drug developer and diagnostics firm has engaged the USA-based Stanford Group to assist in evaluating its strategic alternatives and in executing swiftly on the results of this review through the identification of buyers and partners for non-core units, programs and intellectual property. deCODE plans to deliver an update on this process along with its third-quarter results conference call on November 6.

To provide more time for the completion of this review and the execution of alternatives including the sale of assets, the Reykjavik-based firm has elected to utilize a 30-day grace period for the scheduled October 15 interest payment on its outstanding 3.5% senior convertible notes due 2011.