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Lion Reports Q4 Fiscal 2001 Revenues of $6.7M, Annual Revenues Double

NEW YORK, June 6 – Lion Bioscience reported revenues for the 2001 fiscal year of 23.3 million euros ($19.9 million) Wednesday, more than double the previous year’s revenues of 10.2 million euros. It was the fourth consecutive year of greater than 100 percent annual revenue growth, the company said.

Fourth quarter revenues for the fiscal year totaled 7.8 million euros, up from 4.4 million euros in the same quarter a year ago, an increase the company attributed to greater income from research and development services and licensing fees. R&D revenues jumped 3.0 million euros to 5.7 million euros for the fourth quarter compared to the year-ago quarter, and licensing fees increased modestly to 2.1 million euros from 1.7 million euros.

However, for the fiscal year, research and development expenses also doubled, to 30.9 million euros from 15.4 million euros the previous year. Selling, general, and administrative expenses also rose, by 71 percent from fiscal year 2000 to 12.7 million euros.

The company reported a net loss of 23.9 million euros for fiscal year 2001, up from 12.6 million euros the previous year. Lion said the increase was due primarily to non-cash compensation expenses, such as the conversion of Lion preferred shares into ordinary shares in May 2000, a transaction worth 8.7 million euros. Excluding these charges, the company’s net loss rose only marginally, to 13.5 million euros. In per share terms, excluding the non-cash compensation charges, losses came to 0.89 euros per share in fiscal 2001, compared with 1.97 euros the previous year.

In mid-May, Affymetrix agreed to use the Lion’s SRS platform to integrate its databases in a web portal. Previously, in April, Lion cut 20 percent of the workforce from San Diego-based Trega Biosciences, a company Lion acquired in December 2000.  
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