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LSBC Q4 Revenues Down Slightly; R&D Costs Up 87 Percent

NEW YORK, Feb 1 – Large Scale Biology's fourth quarter revenues decreased slightly from a year ago, the company reported Thursday. LSBC attributed the drop in revenue, from $5.9 to $5.7 million, primarily to decreased development funding from Dow Chemical and Dow AgroSciences.

Higher R&D costs in the fourth quarter of 2000 compounded the drop in contract funding from Dow, the company said. Compared to the year-ago fourth quarter, R&D expenditures were up 87 percent to $4.7 million.

LSBC reported a net loss of $2.3 million, or $0.09 per share, for the fourth quarter of 2000, compared to $1.1 million, or $0.12 per share for the last quarter of 1999.

The company predicted that quarterly earnings and R&D costs would fluctuate in 2001, as LSBC announces agreements with strategic partners.

" I am extremely pleased with the progress that the company has made during the year, said CEO Robert Erwin in a statement. “On the operational side, we achieved or exceeded all milestone requirements in our collaboration agreement with Dow and, we believe, laid the foundation for several collaborative deals, including the recently announced Biosite collaboration.”

On Tuesday, LSBC agreed to pay Biosite an undisclosed sum to develop antibodies for proteins contained in LSBC’s Human Protein Index and Molecular Anatomy and Pathology database. The two companies would then develop protein chips, and share in the profits from any diagnostic or protein chip product.

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