DeCode loses 62 million Skip to content

DeCode loses 62 million

DeCode Genetics, a biopharmaceutical company headquartered in Reykjavík, announced yesterday that it had lost USD 62.2 million this year.

DeCode’s revenue for the third quarter 2006, which ended 30 September, was USD 8.6 million, compared to USD 13.2 million in the same quarter last year.

Net loss for the third quarter 2006 was USD 23.6 million, which is more than twice the loss in the third quarter 2005.

In total, DeCode has lost USD 62.2 million in 2006, 20 million more than last year. The net loss for the first nine months of 2005 was USD 41.6 million.

In the company’s report it says that higher research and development expense related to DeCode’s drug and diagnostic development programs are to blame.

CEO of DeCode Kári Stefánsson is optimistic despite the depressing report. “In the past few months we have continued to advance our product development work based upon our global leadership in human genetics,” he said.

“We are also advancing our work in diagnostics, building on our discoveries in type 2 diabetes, heart attack and prostate cancer,” Stefánsson added.

DeCode focuses on developing and commercializing new drugs to treat and prevent common diseases based on research of human genetics of the Icelandic population.

For more stories on DeCode, click here.

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