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Lexicon Genetics Posts 21 Percent Gain in Q2 Revenues

NEW YORK, July 29 (GenomeWeb News) - Lexicon Genetics today reported second quarter revenues of $10.8 million, up 21 percent from 2003 second quarter revenues of $8.9 million.


The Woodlands, Texas-based firm primarily attributed the increase in revenues to a collaborative neuroscience research pact with Bristol-Myers Squibb.


For the quarter ended June 30, 2004, Lexicon Genetics reported a net loss of $16.8 million, or $.26 per share, down from the net loss of $17.6 million, or $.34 per share, reported in the second quarter of 2003. The firm's research and development expenses grew to $22.6 million from $20.8 million in the comparable period a year ago.


At the end of the second quarter, Lexicon Genetics held cash and investments of $104.3 million, compared to $145.4 million at the end of its first quarter.

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