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Lion s Fiscal Q1 Revenues Surge on Higher Licensing Fees, Growing Customer Base

NEW YORK, Aug. 8 – Lion Bioscience said on Wednesday its fiscal first-quarter revenues increased sharply to 8.9 million euros ($7.6 million) from 3.3 million euros in the year-ago period as revenues from licensing fees increased significantly and the company expanded its customer base.

As of the end of the first quarter, Lion said it had moved ahead of schedule to identify 250 targets for Bayer. The company also announced a deal in May to supply its SRS bioinformatics platform to Affymetrix for use in its Internet portal. Celera previously announced that it would deploy the SRS system for its Discovery System.

During the quarter, Lion also launched new modules for its Scout and PathScout products. In addition, the company said it has restructured its newly acquired San Diego chemistry subsidiary, Trega Biosciences.

For the quarter Lion, based in Heidelberg, Germany, posted a drop in its operating loss, which totaled 13.3 million euros, compared with 14.1 million euros in the year-ago quarter.

The company’s loss per share also narrowed to .60 euro per share, compared with 1.84 euros per share in fiscal first quarter 2001.

In its earnings report, Lion said that CEO Friedrich von Bohlen had agreed to extend his lock-up agreement with the company for another year to Aug. 10, 2002. The original 12-month lock-up agreement was due to expire on Aug. 10 of this year.

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