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Lexicon Genetics Q3 Losses Narrow

NEW YORK, Oct 26 - Lexicon Genetics on Thursday reported third quarter net losses of $1.5 million, or three cents a share, including stock-based compensation charges for options granted to employees, compared with net losses of $3.8 million, or 10 cents a share, in the year ago period.

Revenues for the quarter soared to $5.6 million, from $709,312 in the corresponding quarter last year. The conclusion of a collaboration agreement with the Merck Genome Research Institute accounted for $4.1 million in revenues in the third quarter of this year.

Total operating expenses for the third quarter, excluding stock based compensation, increased 63 percent to $7.4 million. The company attributed the increase to increased efforts to industrialize research for the development and analysis of knockout mice for drug discovery. The company also added 113 employees, more than doubling its staff throughout the year.

Shares of Lexicon were up 3 /16, or 1.1 percent, at 17 1/4 in late morning trading on the Nasdaq.

Based in The Woodlands, Tex., the company said it does not expect to reach profitability in the near term as it continues to grow its research efforts and operations.

For the nine months of the year the company reported a net loss of $18.5 million, or 42 cents a share, compared with a net loss of $9.8 million, or 26 cents a share for the year ago period.

Revenues for the first three quarter totaled $11.5 million, compared with $2.6 million in the same period last year, due primarily to research collaborations with pharmaceutical companies and academic institutions, database subscriptions, and technology licenses.

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