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Lexicon Posts Weak Q4 Revenue Growth, Widened Loss

NEW YORK, Feb. 20 - Lexicon Genetics today reported a slight dip in fourth-quarter revenue, increased R&D spending, and a jump in net losses.

 

Total revenue for the period ended Dec. 31 decreased to $10.1 million from $10.3 million one year ago. However, though receipts from subscription and license fees more than doubled to $6.2 million from $3.0 million, revenue growth was retarded due to Lexicon's decision last year no longer to sell its compound libraries but rather use them for internal research. That market brought in $3.4 million in revenue during the fourth quarter 2001. It generated just $5,000 in revenue during the current fourth quarter.

 

Fourth-quarter R&D spending grew to $19.2 million from $17.8 million year over year. As a result, net loss increased to $13.9 million, or $.26 per share, from $11 million, or $.21 per share, for the same period one year ago, the company said.

 

Lexicon said it had roughly $57.7 million in cash and investments as of Dec. 31.

 

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