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LSBC Reports Slightly Higher Q1 Revenues; Net Losses Also Up

NEW YORK, May 2 - Large Scale Biology reported revenues of $6 million for the first quarter of 2001, up from $5.6 million from the company's first quarter revenues for 2000, the company said Wednesday.

The increase reflects slightly higher revenue from a research contract with Dow Chemical and Dow AgroSciences. The contract accounted for 87 percent of Large Scale Biology's revenue last year, and 88 percent in the first quarter of this year.

Large Scale Biology, based in Vacaville, Calif., also reported higher R&D expenses for the first quarter of the year, which increased to $4.8 million from $3.6 million. Hiring personnel to build the company's Human Protein Index, running clinical trials of the company's vaccine for non-Hodgkin's lymphoma, and preparing antigens for the company's protein chip collaboration with Biosite Diagnostics all contributed to higher R&D expenses, the company said.

The company's general, administrative, and marketing expenses totaled $3 million for the first quarter of 2001, an increase of 86 percent from the comparable quarter a year ago. In a statement, the company attributed the increase to financial, legal, insurance, and investor costs associated with taking the company public in August of 2000.

LSBC had a net loss for the quarter of $2.4 million, or 10 cents per share, compared with $1.5 million, or 16 cents per share in the same quarter a year ago. Wall Street had expected the company to lose 17 cents per share, based on a survey of one broker conducted by FirstCall/Thomson Financial.

During the first quarter, the company opened its high-throughput 2-D gel electrophoresis protein analysis facility in Germantown, Md., with mass spectrometric systems capable of analyzing 50,000 proteins per week, the company said.

"We believe that this facility is the world's largest high-throughput laboratory for quantitative proteomics with an operating capacity that greatly enhances our competitive position," said Robert Erwin, CEO of LSBC, in a statement. 

Because the company's research contract with Dow will expire at the end of August, 2001, LSBC is also pursuing additional research collaborations with agricultural partners.

As of March 31, 2001, LSBC had $75 million in cash, cash equivalents, and marketable securities.  
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