Tomatoes over a bed of sauteed bok choy & escarole and oven-roasted potatoesįour (4) Spring Lamb chops char-broiled and served with sauteed spinach, sweet potato hash, sweet chili mint jelly, and fried leeks. Served with mashed potatoes, green beans Almandine and finished with Madeira wine sauce.įresh filet of Atlantic Cod, drizzled with EVOO and fresh herbs, broiled and served with capers and sun-dried Stuffed breast of chicken with sundried tomato, spinach, prosciutto, and ricotta cheese – Served au jus with baked potato & sauteed asparagus spears Shrimp Cocktail Jumbo Shrimp (5) chilled, poached and served with a fresh mango salsa & cocktail sauce Under this section, a “stalking horse” makes the lead bid at auction and creates a floor for the bidding, in exchange for certain protections that often include break-up fees.Raspberry Sorbet Mimosa – Raspberry Sorbet and Prosecco, garnished with a fresh raspberryĮspresso Martini Absolut Vodka, Kahlua, simple syrup and Espresso coffee – shaken not stirred – served up with orange twist The assets, which includes the Islensk Erfdagreining unit that runs Decode’s giant DNA biobank and its drug discovery and development programs, will be sold off under section 363 of the U.S. The sale, subject to court approval, must first go through an auction process. Many other genomics companies have fallen by the wayside over the years, though one - Human Genome Sciences Inc - may finally be set to hit the jackpot after developing the first new drug for lupus in 50 years.ĭecode has filed for Chapter 11 bankruptcy and has struck a deal to sell its Iceland-based subsidiary to Saga Investments LLC, comprising a group of investors that includes some of its original venture capital backers. But when we were halfway through development of our first compound, the market lost patience with long-term investment like that,” Stefansson said. “At the time we started out there was very substantial support for long-term investment by biotech companies. It follow the collapse in April of attempts to sell Iceland’s Actavis, one of the world’s biggest generic drugmakers, adding to the problems facing an economy already slammed by the global financial crisis. auction-rate securities, the market for which seized up during the credit crisis.ĭecode’s fall is the second setback this year for the once high-flying Icelandic drugs sector. But its drug development programs stalled and the company’s DNA tests for diseases have not brought in much cash.Ī final blow came last year after company funds managed by Lehman Brothers were invested in U.S. Its scientists have published prolifically on genetic mutations linked to schizophrenia, cancer and other diseases. Shares in the group plunged around 83 percent on Tuesday as the Reykjavik-based company warned any recovery for shareholders was highly unlikely.ĭecode blazed a trail in personal genomics by trawling Iceland’s unique genetic heritage, which has changed little since the Vikings arrived more than 1,000 years ago, to work out the links between genes and common diseases. WASHINGTON (Reuters) - Iceland’s Decode Genetics Inc, a pioneer in genetic research, has filed for bankruptcy protection, weighed down by debts after 13 years of failing to make a profit.
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