Iceland's deCode genetics says that its losses deepened and revenues fell in the first quarter of 2007 but the firm’s confidence in its pipeline remains undiminished.

Revenues fell 14.9% to $8.6 million, though the Reykjavik-based firm noted that it will receive deferred payments of an extra $11.6 million over the next few quarters. Net loss increased 11.3% to $22.6 million, and deCode’s R&D spend fell 18.1% to $12.7 million. The company ended the quarter with cash and equivalents of $135.1 million.

deCode had some good news to announce concerning DG031 (veliflapon), a experimental compound for the prevention of heart attack. Last October, the firm voluntarily suspended a Phase III trial of the drug in order to address a formulation problem but this seems to have been sorted out and the trial will restart at the end of this year.

The company also said it is currently analysing the results of a Phase IIa trial for DG041, its anti-platelet compound for the prevention of arterial thrombosis, and has completed its Phase I multiple dose-ranging study for DG051, a first-in-class, small-molecule inhibitor of leukotriene A4 hydrolase being developed to prevent heart attacks. The firm has also just launched decode T2, a DNA-based diagnostic test for assessing the genetic risk of type 2 diabetes.