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Lion s First Quarter Net Losses Widen to $12.4 Million

NEW YORK, Sept 28 –German bioinformatics company Lion Bioscience (Neuer Markt: LIO, Nasdaq: LEON) said Thursday its first quarter fiscal 2001 net losses increased to 14.04 million euros ($12.4 million), or 1.84 euros per share, compared with net losses of 3.31 million euros, or 0.60 euro a share, in the year ago period.

The first-quarter 2001 results include a non-cash compensation expense of 8.7 million euros from the conversion of preferred shares to ordinary shares.

Revenues for the quarter rose more than threefold to 3.29 million euros from 907,000 euros in the first quarter of fiscal 2000 driven by increases in both of the company’s business units.

The life science informatics unit reported sales of 2.5 million euros, compared with 300,000 euros in the same period one year ago, mostly as the result of Lion’s deal with Bayer.

And milestone payments from a fee-for-service genomics project helped drive revenues in the company’s integrated drug discovery unit up 33 percent to 800,000 euros, the company said.

Research and development expenses increased 86 percent to 5.9 million euros, while selling, general and administrative expenses more than doubled to 2.7 million euros from 1 million euros a year ago.

Lion said the rise came as a result of the increase in the number of sales and marketing employees as well as the establishment of the company’s US subsidiary.

Shares of Lion were down 3/8, or 0.4 percent, at 96 1/4 in morning trading on the Nasdaq.

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