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Lion Bioscience Expects to Cut 30 Percent of Workforce by March 31

NEW YORK, Nov. 5, (GenomeWeb News) – Lion Bioscience said today that it expects to reduce its workforce by 30 percent as it attempts to meet a goal of profitability by March 31, 2004, the end of its fiscal year.

The Heidelberg, Germany-based bioinformatics company reported total revenues €3.6 million ($4.1 million at exchange rate as of Nov. 5) and a net loss of €8.0 ($9.1 million) for its second quarter, ending Sept. 30, compared to €5.0 million ($5.8 million) and €93 million ($106 million) for the year-ago period.

“The current fiscal year is more difficult than we expected,” Friedrich von Bohlen, Lion’s chief executive officer said in a statement. “We are reacting to this situation by adapting our costs, capacities, and structures to these circumstances accordingly.”

The company pointed to the slow-down in the life sciences industry and a weak dollar behind lowered sales for the firm.

The company said it expects to cut its workforce from 271 full-time equivalent employees to approximately 190. It will also reduce its in-house software development activities from three sites to one by the middle of next year, and will consider “solutions outside of the company” for its ADME development activities in San Diego. The company said that its sales and marketing efforts located in Cambridge, Mass., will be unaffected by the restructuring measures.

The company lowered revenue expectations for the fiscal year to €20 million ($23 million) from the €27 million ($30.1 million) previously stated, and said that it expects a net loss of €22 million ($25 million) to €25 million ($29 million) for the year.

The company reported cash, and cash equivalents, and marketable securities of €54 million ($62 million) on hand at the end of the quarter, compared to €88 million ($101 million) for the year-ago quarter.

The company spent €4 million ($4.5 million) on research and development costs in the quarter, compared to €8.4 million ($9.6 million) for the year-ago period.

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