Despite being in the vanguard of the genomics revolution, deCode Genetics Inc. struggled to take up the drug development mantle as others have done. Now, having raised just over $1.1 billion from the sale of equity and debt and from partnerships since its inception in 1996, the rump of the bankrupt company's assets are about to be sold into a new company for as little as $14 million.

The genomics companies founded in the 1990s all were able to raise substantial sums of money during the genomics bubble, both from partnerships and from the equity markets. But from there their paths diverged.