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Lynx Posts Sharply Lowered Q2 Revenue, Widened Loss

NEW YORK, Aug. 1 - Lynx Therapeutics yesterday reported that despite lighter R&D spending and a workforce reduction that cost 60 staffers their jobs, second-quarter net loss continued to widen as revenues fell sharply.

 

Total revenue for the period ended June 30 dropped to $2.9 million from $4.4 million one year ago, Lynx said. Atop that the company spent about $5.4 million on R&D, which is down from the $5.9 million it spent in the same period last year.

"Our financial and personnel resources are now focused on growing MPSS commercial usage in systems biology applications and advancing the development of our Protein ProFiler proteomics technology to commercialization," said Kevin Corcoran, president and CEO of Lynx. "We feel that these two technology products ... could generate great commercial value for Lynx."

Net loss in the current second quarter swelled to $5.5 million, or $.23 per share, from $4.6 million, or $.37 per share, year over year, Lynx said. Lynx stressed that barring a $500,000 charge for the staff reductions made in April would have meant a net loss of $4.4 million. The reduction in per-share net loss was the result of some 11.4 million new shares hitting the market in the past year.

 

The company said it had roughly $17.8 million in cash, cash equivalents, and short-term investments as of June 30.

 

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