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Lion Narrows Total Q3 Net Loss; Bioinformatics Business Posts Second Quarterly Profit

NEW YORK, Feb. 2 (GenomeWeb News) - Lion Bioscience reported a lower net loss for its third fiscal quarter today, along with the second consecutive quarterly profit for its bioinformatics business, which the company reports as discontinued operations because it is in the process of selling it to an undisclosed buyer.

 

For the third quarter of its 2005/2006 fiscal year, which ended Dec. 31, 2005, Lion reported total revenues of €1.3 million ($1.6 million), which came entirely from discontinued operations -- a drop of 40 percent from revenues of €2.2 million in the year-ago period, which were also derived from discontinued operations.

 

The company's discontinued operations posted a slight profit of €13,000 for the quarter, however, compared to a net loss of €2.4 million in the year-ago period.

 

Lion's total net loss - which includes the discontinued operations as well as continuing operations -- fell to €282,000 for the quarter from €3.2 million in the prior-year period. Continuing operations reported a loss of €295,000, compared to a loss of € 776,000 in the same period of the last fiscal year.

 

The company said in a statement that it is mulling "a new business model" for its continuing operations, which currently entail the management of Lion's remaining cash holdings and intellectual property estate.  

 

Lion held €7.8 million in cash and cash equivalents as of Dec. 31, plus €14.8 million in marketable securities.

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