If your board has the option, for testing purposes, make sure RAID is disabled in the BIOS. There shouldn't be a problem with a newer BIOS not supporting this hardware if an older version did. You could also try juggling the card into another PCI-e slot to see if that makes a difference. For testing purposes you could also try simplifying your hardware by unplugging any non-essential hardware during the installation (eg unplug any additional conventional hard disk drives).
Thanks for your input. I have tried the drive in the first PCIe slot and the system won't boot. Also I have set the acpi to S1 and disabled raid. Barring some idiosyncrasy about the previous bios I am going to have to abandon this board.