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Biotech / Medical : DECODE GENETICS-*DCGN

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From: nigel bates	7/14/2006 9:54:17 AM
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deCODE to Raise $30 Million in Common Stock Offering Friday July 14, 9:27 am ET REYKJAVIK, Iceland, July 14 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN - News) today announced that it has obtained commitments from several new and existing institutional investors to purchase $30 million of its common stock. Under the terms of the transaction deCODE will sell 6 million shares at $5.00 per share. The aggregate net proceeds, after expenses, are expected to be approximately $27.8 million. The transaction is subject to certain customary closing conditions and is expected to close on or about July 18. All of the shares of common stock are being offered by deCODE pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. Lehman Brothers Inc. served as the lead placement agent and Thomas Weisel Partners LLC served as co-placement agent.... From statement in March '06... "....Our financial results demonstrate that we are generating significant value from the investment in our programs, with an operating structure that has enabled us to channel a growing proportion of our financial resources into our drug development effort. We are accelerating value creation through our drug development pipeline and are committed to capturing that value for our shareholders," said Kari Stefansson, CEO of deCODE." Yeahrightsure...

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