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Lexicon Posts Up-Ticks in Q1 Revenue, R&D, and Loss

NEW YORK, May 1 - Lexicon Genetics today reported an up-tick in first-quarter amid increased R&D spending and widening net losses.

 

Total revenue for the period ended March 31 inched up to $8.1 million from $7.7 million year over year. Lexicon said receipts from collaborative research, which jumped to $5.0 million in the first quarter 2003 from $4.3 million year in the same period last year, drove the revenue. Income from subscription and license fees in the quarter, however, fell to $3.1 million from $3.4 million.

 

R&D spending in the first quarter increased to $19.8 million from $16.9 million in the first quarter last year, Lexicon said. Included in the R&D numbers was $1.3 million in stock-based compensation in both periods.

 

Net loss for the quarter swelled to $17.1 million, or $.33 per share, from $14 million, or $.27 per share, for the same time last year, Lexicon said.

 

The company had around $107.6 million in cash and investments as of March 31.

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