NEW YORK, March 7 - Lexicon Genetics on Thursday posted a 251 percent surge in total revenue in the fourth quarter, as a significant increase in R&D helped to widen net loss.
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For the period ended Dec. 31, total revenue grew to $10.3 million from just under $3 million one year ago. Helping this increase was $3.1 million in subscription and license fees for LexVision-related partnerships; $3.8 million from collaborative research; and $3.4 million from sales of its chemical-compound libraries.
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R&D in the quarter rose to $17.8 million, 101 percent from the $8.9 million Lexicon posted in the year-ago period. Driving this increase was a scale-up of the company's gene-knockout and functional analysis programs that hope to determine the function of some 5,000 genes over the next five years.
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There was also the expense that Lexicon incurred from creating its new pharma division, Lexicon Pharmaceuticals, following the company's acquisition of Coelacanth. As a result of this deal, Lexicon's total workforce swelled to 484 people, including 384 scientists, the company said. As of March 1 Lexicon employed 507 people.
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The company also said that net loss in the current quarter grew to $11.0 million, or $.21 per share, from $7.5 million, or $.16 per share, year over year. Lexicon Genetics said it had roughly $166.8 million in the bank as of Dec. 31.