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Published online 14 October 2008 | Nature | doi:10.1038/455842a
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Icelandic biotech feels the pinch
deCode Genetics runs risk of losing stock-market listing.
It is not surprising to find an Icelandic business doing badly these days; the country has arguably been hit the worst of any in the current financial crisis. But the serious problems being felt at Iceland's deCode Genetics come more from US markets — from investment decisions made by its bankers, it says, and from a stock price that has plunged 54% since the beginning of September.
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Depressively, Icelandic biotech is not to be an isolated case, albeit the country has gone near bankruptcy. The ongoing global financial meltdown will affect many more such institutions whose financial sources depend on a healthy and supportive market. However, it is encouraging to note the positive viewpoint of the founder of the firm saying that ?we will survive through restructuring and refinancing?. Perhaps this is the kind of attitude that will help many to weather the ugly impact of the current damning financial storm. (Tan Boon Tee)