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Lexicon Reports Weak Q3 Revenues, Surging Loss

NEW YORK, Oct. 31 - Lexicon Genetics yesterday reported a significant fall in total third-quarter revenue atop a strong jump in R&D spending and a surge in net loss.

 

Revenues for the period ended Sept. 30 were $8 million, compared with $13.5 million during the same quarter one year ago, Lexicon said .

 

R&D spending in the quarter increased to $19.8 million from $15 million one year ago.

 

As a result, net loss ballooned to $16.8 million, or $.32 per share, from $6.2 million, or $.12 per share, in the third quarter 2001, the company said.

 

Lexicon Genetics said it had roughly $119.6 million in cash and investments as of Sept. 30.

 

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