- Current report filing (8-K)
01 10월 2009 - 2:47AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
September 24,
2009
deCODE
genetics, Inc.
(Exact Name of Registrant as
Specified in Charter)
Delaware
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000-30469
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04-3326704
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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Sturlugata 8, IS-101 Reykjavik,
Iceland
(Address of Principal Executive Offices)
Registrants telephone number, including area code
+354-570-1900
(Former Name or Former
Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Item
1.01.
Entry
into A Material Definitive Agreement
(a)
On September 25, 2009,
the secured promissory note dated September 11, 2009, among deCODE
genetics, Inc., MediChem Life Sciences, Inc., deCODE Biostructures, Inc.
and Saga Investments LLC was amended to increase the principal amount thereof
to $1,870,000. All other terms of such
note, which is further described in the Current Report on Form 8-K filed
by deCODE genetics, Inc. on September 17, 2009, remain in place.
Item 2.03. Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of
a Registrant.
The information set forth in
Item 1.01 of this Current Report on Form 8-K is incorporated herein by
reference.
Item
2.05.
Costs
Associated with Exit or Disposal Activities
(a)
On September 24, 2009,
in order to conserve its financial resources, deCODE genetics, Inc. (deCODE)
committed to the closing of its facility in Woodridge, Illinois. As part of the closure, deCODE eliminated
approximately 60 positions, effective principally from September 25,
2009. Remaining operations are expected
to cease as soon as practical.
(b)
deCODE estimates that it in
connection with the closure of, and winding down of operations at, the
facility, it will incur cash expenditures of approximately $580,000 in
employee-related costs, $150,000 in chemical disposal costs, $150,000 in
utility costs, and $460,000 in contract
termination fees.
(c)
deCODE estimates that it
will incur a total of approximately $1,500,000 in cash expenditures connection
with the closure of the facility and the winding down of operations.
(d)
Closure of the Woodridge
facility has resulted in a default by deCODEs subsidiary, deCODE Chemistry, Inc.,
under its lease for the facility and the draw by the landlord under such lease
on the $5,000,000 letter of credit securing the lease. The amount of additional charges that deCODE
may incur under generally accepted accounting principles in connection with
such default and draw will depend, in part, on actions to be taken by the
landlord under the lease. Accordingly,
deCODE cannot at this time estimate the total charges. However, it does not expect that the total
cost will result in future cash expenditures other than those set forth above.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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deCODE
genetics, Inc.
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By:
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/s/
KARI STEFANSSON
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Kari
Stefansson
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President and Chief Executive Officer
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Dated:
September 30, 2009
3
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