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Lexicon Genetics s Revenues Stay Flat; Losses Decline

NEW YORK, May 8 – Lexicon Genetics reported revenues of $3.3 million for the first quarter of 2001, a figure unchanged from the comparable quarter a year ago.

Net loss, however, dropped from $13.4 million, or 55 cents per share, to $8 million, or 17 cents per share.

The company, which specializes in gene knockout technology using mice, earned revenue during the first quarter 2001 from research collaborations with Bristol-Myers Squibb and other pharmaceutical companies, as well as from licensees of Lexicon's gene targeting technology. Lexicon is based in The Woodlands, Texas.

Lexicon’s research and development expenses more than doubled from the year-ago quarter to $8.5 million, excluding stock-based compensation of $1.4 million. In the same quarter in 2000, R&D expenses totaled $3.6 million, excluding stock-based compensation of $6.7 million. Over the past year, the company has increased its scientific staff from 80 to 261 people.

General and administrative expenses, excluding stock-based compensation of $1.3 million, rose to $2.9 million for the first quarter of 2001 from $1.3 million with exclusion of stock-based compensation of $5.2 million in the comparable quarter a year ago. The company attributed the increase to hiring additional support staff, and ascribed $600,000 of the expenses to ongoing patent infringement litigation with Deltagen over mouse knockout technology.

As of the end of the first quarter, Lexicon had $192 million in cash or cash equivalents, compared to $203 million at the end of the first quarter a year ago.  
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