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With Increased Revenues, Decreased Costs, Lynx Considering Various Options

NEW YORK, Aug. 13 (GenomeWeb News) - Lynx Therapeutics of Hayward, Calif., reported increased revenues and slashed its net loss nearly in half, but with $3 million in cash and cash equivalents, including restricted cash, on hand, the company is "considering various other options, including additional equity financing," Kevin Corcoran, the company president and CEO said in a statement today.

 

The Hayward, Calif.-based company reported revenues of $4.6 million for the second quarter ending June 30, compared to $2.9 million for the same quarter a year ago. Net loss was $2.9 million, compared to $5.5 million for the year-ago quarter. The firm reported research and development expenses of $3.2 million for the quarter, compared to $5.4 million a year ago.

 

The company took in $3 million in cash in July from a modification of a collaboration with Takara Bio, and has $1.2 million in accounts receivable, in addition to its cash on hand.

 

The company announced this week that it had retained the Washington, DC-based investment bank Friedman, Billings, and Ramsey as a financial advisor.  

 

 

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