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Large Scale Biology Shares Shoot 14.7 Percent in Unusually Heavy Volume

NEW YORK, Nov. 22 (GenomeWeb News) - Shares in Large Scale Biology were up 14.68 percent at $1.08 in mid-afternoon trading in unusually heavy volume.

 

More than 244,000 shares traded hands today, nearly four times as many that trade hands on an average day, according to the Nasdaq exchange.

It was not immediately clear what caused the run-up in stock price.

 

LSB, owner of Predictive Diagnostics, earlier this month reported that third-quarter revenue nosedived 58 percent, to $500,000 from $1.2 million one year ago.

The Vacaville, Calif.-based company did not break out figures for its wholly owned biomarker-company subsidiary.

 

LSB attributed the severe decline to the loss of $800,000 in revenues generated during the third quarter of 2003 by its Germantown, Md.-based contract proteomics business, which it closed last November (see ProteoMonitor, GenomeWeb News' sister publication).

The company spent $2.3 million on R&D in the period, down slightly from $2.7 million year over year.

Consequently, net losses for the third quarter narrowed to $4.2 million, or $.13 per share, from $4.3 million, or $.17 per share, in 2003.

 

The results do not include one full quarter of activity related to Predictive Diagnostics' agreement with PerkinElmer, which the companies announced in late September. Under the agreement, PerkinElmer will offer the Predictive Diagnostics' Biomarker Amplification Filter technology to complement its own prOTOF 2000 MALDI O-TOF mass spectrometer.

LSB ended Sept. 30 with $3.9 million in cash and marketable securities.

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