The lousy economy is having a dramatic effect on most business today, and that includes some of the high-tech genetic & DNA related businesses that have come to life over the last few years.
Now we find that deCODE Genetics, an Icelandic biotech company, and the folks behind DeCodeMe.com, is in some serious financial trouble. According to reports just released, as of the end of 2008, the company had liquid funds available for operating activities, comprised of cash and cash equivalents together with current investments, of 3.7 million dollars. Compare that to the $64.2 million exactly one year before. The company believes it can continue operations into the 2nd quarter of this year (that quarter starts in about than 5 hours, folks).
From what I’ve read, the company did some really good work, accessing its unique assets (access to the DNA, health and genealogical records of a large proportion of the Icelandic population) to answer fundamental questions about human genetics. I have no idea how many times I’ve seen their studies quoted in various articles.
As you can see, the economic downturn is worldwide, and will continue to have worldwide consequences. It effects all of us… and, sad to say, it will continue to get worse.
Read more about deCODE Genetics and their current financial situation in the March 31, 2009 edition of scienceblogs.com
