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Lexicon Posts Dip in Q2 Revenues, Greater R&D Spending, Widened Net Loss

NEW YORK, July 31 - Lexicon Genetics today reported a slight decrease in second-quarter revenues atop a mild increase in R&D spending and a widened net loss.


Total revenue for the period ended June 30 slipped to $8.9 million from $9.4 million one year ago. The revenue reflected a decrease in receipts from subscription and license fees, which shrank to $4.3 million from $5 million in the second quarter 2002, and a jump in income from collaborative research, which grew to $4.6 million from $4.3million year over year.


Second-quarter R&D spending grew nine percent, to $20.8 million from $19 million in the year-ago period, Lexicon said. The firm stressed that the increase reflected greater spending in drug-discovery programs.


As a result, net loss widened to $17.6 million, or $.34 per share, from $14.9 million, or $.29 per share, in the second quarter 2002.


Lexicon said it had around $95.6 million in cash and investments.

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