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As we can see on this link
http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=ALL&d=06/11/2010
DCGNQ are or had to be cancelled:
SECURITY DELETIONS
Updated____Symbol___Company Name_______________________Effective Date___Unit of Trade ____Comments
10:36______DCGNQ___deCODE genetics, Inc. Common Stock_____6/11/2010_______100___________ Plan of Bankruptcy Effective**
But if you scroll down you can read:
Notes
The deletion from NBB for DCGNQ/DCGNQ, reported on the Daily List of 06/11/2010, with an Effective Date of 06/14/2010, has been cancelled.
Anyone knows what's going on?
Are the shares deleted or aren't?
Thanks
Does anyone have an opinion about the stock price as it relates to this news ?
Judge Peter J. Walsh also gave an order granting sale procedures of deCode Genetics, Inc.’s assets on December 11, 2009.
Saga Investments LLC has been determined as the stalking horse bidder for the debtor’s assets with a purchase price of $14.12 million.
The offer consists of $3 million in cash and the $11.12 million DIP, provided by Saga.
According to the approved procedures, the deadline for submitting a competing bid has been determined as January 11, 2010.
Initial overbid should be of $0.74 million and subsequent overbids must be in an amount equal at least to $0.1 million.
The stalking horse bidder is entitled to receive up to $0.5 million as expense reimbursement fee and a break-up fee equal to 3.5% of the base cash price, if it loses at the auction.
In the event a competing transaction is submitted, debtor will conduct an auction on January 12, 2010 and the hearing on the sale approval has been scheduled for January 14, 2010.
I hope not.
Seems like the market feels .03c is a good support, as well as .06c
i'm hoping for a bigger bidder to step up and out-bid Saga's $14M offer.....
Do you think Pfizer or some other company will step up ?
Will DCGNQ go above 0.30c ?
Is the stock done?
Is the stocks January Effect over?
Does this company have any other interested higher bidders?
Will DCGNQ emerge from Bankruptcy this month, and will the stock move up on that news ?
Saga was named as a “stalking horse” bidder that has agreed to buy its core operations, though other companies may still top its offer.
http://www.timesonline.co.uk:80/tol/news/science/genetics/article6920653.ece
I wonder if the "January Effect", along with the above information, will combine to cause the stock to go up strong soon !!!!
Ed
I'd like to believe that the stock could spike up thru 0.30c on the release of news.
The CEO said, "We should be out of this (Bankruptcy) process in early January". a direct quote.
Here it is, early January.
I'm hoping that the stock will move up on the basis of somekind of news, similar to the news that the company released on December 16th, when the stock jumped at 1:57 pm, from a low of 0.07c to the days high of 0.30c.
Since that time, the stock has erased all the gain, and made a double bottom at 0.03c, moved up to 0.10c and found a short-term footing at 0.07c currently. To me, 0.05c seems to be a support level.
I find it interesting that CGEN news was posted on the NASDAQ board regarding its findings. I wonder if there is a connection, and if it is possible the two companies are in private talks.
Yes. It is DCGNQ
deCODE Receives Trading Suspension and Delisting Notice From Nasdaq
prnewswire
o Decode Genetics Inc.
Press Release Source: DeCODE Genetics Inc On Tuesday January 5, 2010, 11:05 am
REYKJAVIK, Iceland, January 5 /PRNewswire-FirstCall/ -- deCODE genetics, Inc. (Nasdaq:DCGN) today announced that it has received notice from the Nasdaq Stock Market that the company's common stock will be suspended from the Nasdaq Stock Market as of the open of business on January 6, 2010 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove deCODE's common stock from listing on Nasdaq.
Following this action, it is possible that deCODE's common stock will be traded on the inter-dealer quotation service known as the "Pink Sheets." However this is not certain, as it would require a market maker to quote the stock, and there is no guarantee that any market maker will do so. In addition, so long as deCODE is not current in its reporting obligations under the Securities Exchange Act of 1934, any such quotation will be subject to additional restrictions.
About deCODE
deCODE is a global leader in analysing and understanding the human genome. The company has identified key variations in the sequence of the genome conferring increased risk of major public health challenges from cardiovascular disease to cancer, and employs its gene discovery engine to develop DNA-based tests to assess individual risk of common diseases; to license its tests and intellectual property to partners; and to provide comprehensive, leading- edge contract services to companies and research institutions around the globe. Visit us on the web at http://www.decode.com; http://www.decodediagnostics.com; http://www.decodeme.com; and on our blog at http://www.decodeyou.com.
Any statements contained in this presentation that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding deCODE's expectations concerning the bankruptcy process and the continuation of day-to-day operations. deCODE's actual results could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, including, without limitation, (1) the impact of today's announcement on deCODE's operations; (2) the ability of deCODE to maintain sufficient debtor-in-possession financing to fund its operations and the expenses of the Chapter 11 proceeding; (3) the ability of deCODE to obtain court approval of its first day papers and other motions in the Chapter 11 proceeding; (4) the outcome and timing of the proposed sale of deCODE's assets, including deCODE's ability to close a transaction with Saga or any other purchaser; (5) the uncertainty associated with motions by third parties in the bankruptcy proceeding; (6) deCODE's ability to obtain and maintain normal terms with vendors and service providers and contracts that are critical to its operation; and (7) other risks identified in deCODE's filings with the Securities and Exchange Commission, including, without limitation, the risk factors identified in our most recent Annual Report on Form 10-K and any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. deCODE undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.
Contacts:
deCODE genetics
Joy Bessenger
+1-212-481-3891
joy.bessenger@decode.is
Edward Farmer
+354-570-2819
edward.farmer@decode.is
Gisli Arnason
+354-570-1900
gisli.arnason@decode.is
After hours..... :( I hope all got out, or hope the AH change will not effect it's opening on Monday.
Happy holiday's
Looks like it is downhill from here. Might be time to get out.
News anyone?
I wish I could tell you.. IMO, I though anything under .20 was a good by for the next week or so. I got in at .10 then when it hit .28, I started to sell, but I bought 10k more at .20.
From some info, this should hit .30+ before it goes back to .5....jmo
GLTA today!
does this look like a good buy for a bounce @ .15?
ok it closed under .18...now what
as long as this consolidates here, at upper end of gap candle, and at mov avg 50, .22, then there is a good shot at going higher...,
lots of R from above to churn...close .22 or better excellent chance to try mov 200.
I'm getting nervous about tomorrow.. I'll be watching this for the rest of the day and possibly unload all mine if it doesn't do much, or if I don't find any more news
Some more PR:
http://macondaily.com/news.asp?id=26717
no leg up for tomorrow?
Yea, but I don't think it will drop there in one run.. I've got a sell order on all of mine so I don't loose my profit already, but hopefully it'll hit some green so I can get out....
i would get out asap.. this thing is a shell destined for sub .05
Jumped out @ .225 This is too crazy for me
GLTA
Wow....She sure swings fast..... trying not to blink here.lol
Agreed !!
I'm glad I panic bought this morning. :D All the info I read over the night looked good for today and the next few days.
GOING GREEN SOON.imo This has traded it's entire float in the past 3 hours of trading....
Happy i didn't panic sell this morning
!!! weeeeeee is right! That volume is wild! So I had to be greedy and doubled up, almost at it's low ... I see the news for a long term looks no good, but hopefully it'll see green today and tomorrow..
GLTA
Rally back up......We might see green today!
Some crazy pre-market volume, but why isn't it green!!??
Let's hope it turns around today.. I'm wondering if I should sell or hold on after yesterday.. I did nearly triple my money in there.
Well GLTA today.
WOW it's 8:20 & it's already trading 300,000+ with a range of .22 -.30....very volatile in pre-market.
It looks like this will gap down @ open.imo
excellent find those that read the news in afternoon...more in store with todays strong finish...another leg up tmr...
look for .37 .44 test.
agree its the MOMO you want to ride...
if they have done this stint back a few years ago, and are going thru BK,maybe this was a strategic plan to buy cheap shares and make some money back after a dozen years of losing money. lol.
play cautiously... may run hard, wait n see tmr.
Yep, and that was 40 million plus within 2 hours of trading....VERY CLOSE TO TRADING ENTIRE FLOAT IN JUST 2 HOURS.......CRAZY squeeze happening right now.....The only question is how high will this climb before the big drop???
.40-.50 is very realistic range for tomorrows high.imo
I don't see this getting anywhere close to the 52wk high of .94
But you never know
SGICQ in April had a nice squeeze from .05 to .95 in just a week before it got delisted.....
I hope we see similar action with DCGN
Afterhours- 519,923 shrs range .25 - .29 .
I agree with you 100% momentum trade here, not something to bet the house on or stay long on for to long. Great for flipping but nothing more IMO
Technically, DCGN has been showing support around $0.18 and resistance in the $0.49 range. The buy rating is currently set to 4 wirh the $0.61 target price in short term.
check here:
http://www.9trading.com/index.php?symbol=dcgn
40 million plus in volume much of it short covering IMO.
This will get to the .40-.50 area.
After that the company will need to put out more news to keep it going.
I've seen a few of these run from single digets to a buck before retreating.
"They r buying time so they can pump this up at the end of the year before dumping it all".
If that's the case.....SO WHAT!!!Most are riding the momo train here anyway!!!
Remember.....No matter how good or how long a run up can last, there will always be bagholders in the end....
Thanks for the warning AGAIN.......looks like you missed the boat on this "BAD BOY" run.....
Posted by: Bigstud is here Date: Tuesday, December 15, 2009 10:12:45 PM
In reply to: None Post # of 237
DCGN file voluntary ch 11 on Nov 17 and down to 3¢.Now the delisting part I dont get b/c company is appealing the delisting on Nov 24. How in the heck can a company appeal a delisting when in ch 11? No Q yet (Amazing) Im watching to see how it all turn out as I never encounter anything like this. The company has filed such an appeal, which will stay the suspension and delisting through the conclusion of the appeals process. There is no guarantee that this appeal will be successful.
Im thinking of buying time so they can sell at a Higher price like they did @.164 but this should go down one would think to below 3¢.They will not win this appeal. It would be a first for me to see an ch 11 trading on Nasdaq Stock Market for whatever months.LOL!IMO
Very very important info folks.
Remember they r in voluntary ch 11 file on Nov 17. Company is appealing the delisting on Nov 24. Which will stay the suspension and delisting through the conclusion of the appeals process. There is no guarantee that this appeal will be successful.
They r buying time so they can pump this up at the end of the year before dumping it all.They will not win the appeal process. Im 1000% sure of that.
WASHINGTON, Nov 17 (Reuters) - Iceland's Decode Genetics Inc (DCGN.O), a pioneer in genetic research, has filed for bankruptcy protection, weighed down by debts after 13 years of failing to make a profit.Shares in the group plunged around 83 percent on Tuesday as the Reykjavik-based company warned any recovery for shareholders was highly unlikely.
That PR that was put out today is something like this PR put out back in Jan 2006. They r just blowing smoke for the new bagholders that dont know any differents. Im sure seeing the news would be new for someone that never seen it before.
The Low was .03 and the HI????? Pick your poison from .35 to.48 tomorrow will be your last chance to get out I would think. The 52 week high is like .94 which I really dont think it will get there or even close to it. If you even think this it the next VRMLQ well think again because it is not. At least that what im thinking b/c that vrmlq is like 1 in a 500,000 LOL! Chasing a bankrupt stock for every penny can be deadly. This is just an UP and Dump stock. Of course this is Just My Opinion. But what do I know! Im pretty sure in the End this will be a Junk company.But I been wrong before but mostly right. Do your own DD and see if you want to Buy,Hold,Sell. I will say this if a person own this like at .39 or so you have to Sell it and be on the safe side right but that up to that person. If I find any more info Ill post it. Good luck traders.
http://www.decode.com/News/2006_01_15.php
Or a new 52 week high would do good :D HEHE.
Lets go north!!!
That was a blast...Seen it on my radar late at .14 but green is green. It be nice if it keeps running... Whats it worth????? any thoughts?
that BK didnt hold it back TODAY!!!!
what a run...was so pretty...weeeeeeeeeeee
my order didnt get thru at 0.27 lol well see yall tomorrow :)
i wouldn't doubt this pr was done to help from de-listing.. may run more tomorrow
looks like a major resistance at 0.3
I'd like to know to.. I will be holding mine for now.. I just wish I would've bought more.. Can't be greedy though. Happy for a 4 digit profit. From the charts, it looks good.. Looking for more information now.
I'd like to know to.. I will be holding mine for now.. I just wish I would've bought more.. Can't be greedy though. Happy for a 4 digit profit. From the charts, it looks good.. Looking for more information now.
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http://www.decode.com/
http://finance.yahoo.com/q/h?s=DCGN
deCODE genetics, Inc. operates as a biopharmaceutical company in the United States and Iceland. It applies its discoveries in human genetics to the development of drugs for common diseases. The company involves in human genetics, and integrated drug discovery and development activities to offer products and services in various areas, including DNA-based diagnostics, bioinformatics, genotyping, structural biology, drug discovery, and clinical development. It develops DG031 for the prevention of heart attack that completed a series of Phase II clinical trials in Iceland; and DG041 for peripheral artery disease, a form of atherosclerosis that constricts blood flow to the legs and arms, which completed the Phase I clinical program, as well as conducts a Phase II trial on behalf of the developer of a compound for asthma. deCODE genetics has a strategic alliance with Illumina, Inc. for the development and commercialization of DNA-based diagnostic tests in various disease areas; a collaboration with F. Hoffmann-La Roche for the codevelopment of inhibitors of PDE4 for the prevention and treatment of vascular disease; and an alliance with Merck & Co, Inc. to develop treatments for obesity. The company was co-founded by Kari Stefansson and Jeffrey Gulcher in 1996 and is headquartered in Reykjavik, Iceland.
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>Privacy fears as DNA testing firm deCODE Genetics goes bustMark Henderson, Science Editor
1 Comment
Recommend? (10)
(The Wellcome Trust/Reuters)
DeCODE Genetics has identifed dozens of genetic variations that affect common diseases
A leading genetics company that has pioneered personal DNA testing in health assessments went bust yesterday, raising privacy concerns about the sensitive data it holds.
DNA profiles belonging to thousands of people who have paid up to £600 for internet genetic tests are to be transferred to a new organisation, after deCODE Genetics filed for chapter 11 bankruptcy in a US court.
The fate of the Icelandic company, which has never turned a profit despite making a string of discoveries about the genetic origins of common diseases, has fuelled fresh debate about access to DNA data.
The genetic records of its customers will now be held by Saga Investments, a venture capital group that has agreed to buy deCODE’s core science operations, including its deCODEme personalised genetic testing service.
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Kari Stefansson, deCODE’s chief executive, told The Times that ownership of genetic data remained with the company’s customers and that Saga would be bound by a privacy policy that prevents disclosure of data to third parties such as insurers, employers or doctors.
Industry experts said that Saga would want to maximise returns on its investment, and could still make wider use of data that some subscribers may find uncomfortable. Pooled and anonymised information, for example, could be sold to academic researchers or pharmaceutical companies.
Dan Vorhaus, a lawyer with the US firm Robinson, Bradshaw and Hinson, which specialises in genomics, said that while the new management would be bound by deCODE’s customer agreements, these were often unclear and contradictory.
“The ownership is going to change, and the people making decisions about how to run the company are going to change,” he said. “This information was held by deCODE, a scientific research organisation. What you have now is Saga, an investment company with a different agenda, very much focused on the bottom line.
“Within the range of allowable uses, deCODE’s new ownership may choose to use that information in a different way, and possibly to a greater extent, than was previously the case.”
Helen Wallace, of GeneWatch UK, a group that campaigns about the risks of genetic technologies, said the case showed that people who bought commercial DNA tests could not be confident that their data would not be put to other uses.
“This clearly introduces a layer of uncertainty beyond what people expected when they signed up. People do need to double check what they are signing up to. These companies often use broad consent, and I worry whether people know what their data might be used for in the long term," she added.
Dr Stefansson said: “We don’t own the genetic data of our customers, they own the data. We have no access to these data for anything except doing analysis for our customers. We are not selling genetic data, we will not do that.”
He likened the sale to that of a medical diagnostic company or a telecommunications business that holds sensitive data. “There is a change in ownership of a commercial enterprise with a commitment to its customers and keeping data according to certain ethical principles. That doesn’t really change.”
DeCODE Genetics was founded a decade ago as a commercial research business, and has identifed dozens of genetic variations that affect common diseases. Its £600 deCODEme service, which tests DNA for links to disease, was launched two years ago, though customer numbers have not been disclosed. The company has long been in financial trouble, and warned investors in April that it had insufficient funds to see out the year.
It filed a voluntary petition for chapter 11 bankruptcy in a Delaware court yesterday, which allows it to continue operating while its assets are auctioned. Saga was named as a “stalking horse” bidder that has agreed to buy its core operations, though other companies may still top its offer. Subscribers to deCODEme were sent an e-mail yesterday saying that the service would be unaffected by the bankruptcy and sale.
Dr Stefansson said: “This is the best outcome of a bad situation for us. The silver lining is that it allows us to continue. I sit here on a strange, cold rock in the North Atlantic with a strange mix of emotions.”
DeCODE’s bankruptcy comes just days after its main competitor selling personalised DNA tests, 23andMe, raised its prices, prompting suggestions that the fledgling industry is struggling to make consumer genetics pay.
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Edward Farmer wrote:
Dear Sir,
A quick but fundamental clarification to your piece on deCODE genetics' bankruptcy filing: the Iceland-based subsidiary that performs all of deCODE's human genetics work - manages its population resources, conducts its research and services, offers and processes its tests and genome scans,
and whose scientists and laboratories are licensed to undertake this work
- is not in bankruptcy. It continues all its operations without
interruption. This subsidiary (Islensk Erfdagreining, or IE) does so under
the same data and privacy protections as ever, rooted in the Icelandic
community and within a tried and tested regulatory environment.
The long and the short of it is that under the Chapter 11 process, IE,
currently owned by deCODE genetics, will likely be sold to another group of
investors as a going concern. Such a change in ownership of the operating
company will have no bearing on the terms under which the Icelandic
subsidiary manages and analyzes samples and data. Indeed, given the tone of
your story it seems important to emphasize that the Icelandic subsidiary
does not own these samples or data. They are owned by the individuals who
provide them and are only utilized for the specific purpose, whether
research or testing, agreed upon with those individuals and under the
regulatory protections under which we work. Thus these resources cannot be
sold and are not for sale, and IE's genetics operation cannot be put in a
box and taken somewhere else.
Yours sincerely,
Kari Stefansson
CEO, deCODE genetics
November 19, 2009 9:13 PM GMT on community.timesonline.co.uk Recommend? Report Abuse Permalink
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