A leaner version of the failed Icelandic genomics company, deCODE genetics, has emerged from the corporation's bankruptcy late last year. Dubbed the "New deCODE" in a company statement released today (Jan 21), deCODE genetics ehf will focus less on in-house drug discovery, instead partnering with drug makers to translate its genetic discoveries into therapies. The new company will also continue to sell its diagnostics disease risk tests and its deCODEme personal genome scans, and will perform contract services, such as sequencing and genotyping.

Much of deCODE's 10-year history has been plagued by legal and financial woes.

The resurrection of the company was made possible last week when a Delaware bankruptcy court OK'ed the sale deCODE Inc's subsidiary, Islensk Erfdagreining, to Saga Investments, a heavy-hitter in the world of life science investment. Two men will lead deCODE genetics ehf -- Earl "Duke" Collier, past executive vice president at Genzyme and former deCODE board member, will serve as CEO, and deCODE's founder, Karl Stefansson, shifts into the twin role of executive chairman and president of research.

"As we enter the era of sequencing entire genomes, we believe our ability to make sense of ever larger amounts of data will continue to keep us in the lead in discovery," Stefansson said in a statement. "And with our now solid financial backing and the splendid addition of Duke Collier to our management, we will be taking a lead in the translation of our science into powerful products and services."


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