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Lion s Q3 Revenues Surge, Net Losses Narrow

NEW YORK, Feb 7 – Lion Bioscience said Wednesday its fiscal third quarter 2001 revenues more than doubled to 7.7 million euros ($7.1 million), compared with 2.9 million euros in the year ago period, as research and development as well as licensing fees increased.

In the third quarter, revenues from research and development fees shot up 161 percent to 4.7 million euros, while licensing fees increased to 2.9 million euros from 1.1 million euros in the corresponding period a year ago.

At the same time, however, total costs and expenses doubled, rising to 12.0 million euros in the third quarter, compared with 6.0 million euros a year ago. The increase in costs stemmed from higher R&D expenses as well as greater selling, general, and administrative expenses.

As a result, the third quarter losses from operations widened by 39 percent to 4.3 million euros, compared with operating losses of 3.1 million euros in the year ago period.

During the quarter, Lion of Heidelberg formed alliances with Celera and Bayer and acquired Trega Biosciences, a cheminformatics company based in San Diego.

Celera now uses Lion’s SRS technology as the base technology for its Celera Discovery System. With Bayer, Lion expanded into the field of pharmacophore informatics, and the merger with Trega combined the two companies’ drug discovery and data analysis capabilities.

Net losses for the third quarter narrowed to 2.2 million euros, compared with net losses of 3.0 million euros in the year-ago quarter. The company did not disclose the loss per share.

In January, Lion released ArrayScout 2.0, an updated version of it gene expression data analysis system.