Findings underscore deCODE’s ability to identify genetic risk factors in the most complex traits, and have been integrated into the deCODEme™ service

Reykjavik, ICELAND, April 29, 2008 – In a paper published today in the New England Journal of Medicine, a team of scientists from deCODE genetics (Nasdaq:DCGN) and academic colleagues from Iceland, Denmark and Australia report the discovery of five single letter variants (SNPs) at five different sites in the human genome that impact bone mineral density (BMD) and predispose to fracturing of bones. BMD is a principal measure of the presence and severity of osteoporosis, a common, progressive and often debilitating condition in which bones become thinner and more prone to fracture, even from minor falls or blows. As an accompaniying editorial in the NEJM points out, although BMD has long been known to have a signficant inherited component, these are the first validated and replicated genetic variants ever linked to BMD through a genome-wide scan of SNPs. The paper is available online at www.nejm.org, and will appear in an upcoming print edition of the journal.

The findings demonstrate that the genetic component of BMD appears to involve many genetic variants each conferring relatively modest increases in risk, but that such variants can be found using studies of sufficient size and power. In this study, the deCODE team analyzed more than 300,000 SNPs across the genomes of some 10,000 Icelandic participants, mainly women, and replicated its findings in cohorts of approximately 4000 Danish and Australian, again mainly female, participants. The SNPs associated with BMD are located on chromosomes 1p36, 6q25, 6p21, 8q24, and 13q24. Three of these loci are located near genes known to be involved in bone mineral density, and one, 13q14, is close to a gene known as RANKL which is already being used as target for drug development by a major pharmaceutical company. Although these variants confer an increase in risk that is in the range of 5-15% compared to non-carriers of the variants, they are all quite common and so may account for a sizable proportion of the inherited component of low BMD.

“These findings show yet again the power of large-scale studies for adding to our understanding of complex conditions. These variants alone do not confer individual risk sufficient for making a diagnostic test with clinical value, though we are only getting started in this search, and these variants will be the third recent update to the profiles of subscribers to our deCODEme™ service. In practical terms, these discoveries provide new insight into certain biological pathways known to be involved in BMD and osteoporosis – such as that on chromosome 13 – and alerting us to new pathways that should be investigated. This information can inform future drug discovery, or indeed help to target therapies now in development to those individuals who may benefit from medicines aimed at particular pathways,” said Kari Stefansson, CEO of deCODE.

About deCODE
deCODE is a biopharmaceutical company applying its discoveries in human genetics to the development of diagnostics and drugs for common diseases. deCODE is a global leader in gene discovery — our population approach and resources have enabled us to isolate key genes contributing to major public health challenges from cardiovascular disease to cancer, genes that are providing us with drug targets rooted in the basic biology of disease. Through its CLIA-registered laboratory, deCODE is offering a growing range of DNA-based tests for gauging risk and empowering prevention of common diseases, including deCODE T2™ for type 2 diabetes; deCODE AF™ for atrial fibrillation and stroke; deCODE MI™ for heart attack; and deCODE ProCa™ for prostate cancer. deCODE is delivering on the promise of the new genetics.SM Visit us on the web at www.decode.com; on our diagnostics website at www.decodediagnostics.com; and, for our pioneering personal genome analysis service, at www.decodeme.com.

Any statements contained in this presentation that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, and the timing of events, to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, those relating to our ability to obtain financing and to form collaborative relationships, uncertainty regarding potential future deterioration in the market for auction rate securities which could result in additional permanent impairment charges, our ability to develop and market diagnostic products, the level of third party reimbursement for our products, risks related to preclinical and clinical development of pharmaceutical products, including the identification of compounds and the completion of clinical trials, the effect of government regulation and the regulatory approval processes, market acceptance, our ability to obtain and protect intellectual property rights for our products, dependence on collaborative relationships, the effect of competitive products, industry trends and other risks identified in deCODE’s filings with the Securities and Exchange Commission, including, without limitation, the risk factors identified in our most recent Annual Report on Form 10-K and any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. deCODE undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.

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