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Lion s Revenues Tumble 65 Percent as Losses Narrow in Fiscal Q3; Restructuring Ongoing

NEW YORK, Feb. 3 (GenomeWeb News) - Lion Bioscience reported sharply reduced revenues "in line with expectations," as well as reduced losses for its third fiscal quarter today.

 

Total revenues for the three months ended Dec. 31, 2004, fell 65 percent to €2.2 million ($2.9 million) from €6.3 million during the same period a year ago.

 

Lion did not break out its R&D costs for the quarter.

 

The company's net loss for the quarter fell by roughly half, to €3.2 million from €6.3 million during the same quarter last year.

 

As of Dec. 31, Lion had €29.5 million in liquid assets.

 

As of Dec. 22, Lion's delisting of its American Depositary Share from Nasdaq and termination of its American Depositary Receipt facility has been effective. ADR holders can now surrender their ADS's in common shares, traded on the German stock exchange, until Feb. 20. After that date, JPMorgan will sell the underlying common shares for Lion ADS's that have not been surrendered to the extent possible on the German stock market.

 

Lion said it aims to become profitable in fiscal year 2004/2005, which starts April 1. The company plans to "be focused solely on profitable activities" and seeks to "have an optimized organizational structure," according to a company statement.

 

Lion said it expects to publish more details on its restructuring effort "in the near future."

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