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Lion Considers Withdrawing from Nasdaq; Reports Sharp Drop in Revenues for Q4 of FY03/04

NEW YORK, June 23 (GenomeWeb News) - Lion Bioscience considers withdrawing from Nasdaq after reporting sharply dropped revenues and narrowed losses for the fourth quarter of its fiscal year 2003/2004 today, which ended March 31.

 

The company recorded €3.3 million ($4 million) in revenues for the quarter, down from €9 million ($10.9 million) during the same period last year. This is slightly more than the €3.1 million the company had reported as preliminary revenues in May.

 

Lion's net loss amounted to €3.5 million, down from €18.5 million during the year-ago period.

 

As of March 31, Lion had €43.1 million in cash or cash equivalents.

 

For the full earnings report of fiscal year 2003/2004, click here.

 

Lion also said today it is looking into the possibility of withdrawing from Nasdaq, terminating its ADR agreement, and deregister from the SEC. By doing this, its compliance and reporting costs would "significantly decrease" over the next years, the company stated.

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