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Lynx Q1 Revenues and Losses Decrease

NEW YORK, May 15 - Lynx reported somewhat reduced first-quarter revenues today, amid an incremental increase in net losses.

 

The company, which has recently renewed contracts for its MPSS technology with the Institute for Systems Biology in Seattle and Millennium therapeutics, had revenues of $3.3 million for the quarter, compared to $5.0 million for the previous year's quarter. The company's losses totaled $4.0 million, compared to $3.8 million for the first quarter of last year.

 

Meanwhile, Lynx's R&D expenses decreased sharply year-over-year, to $3.6 million from $6.9 million for the first quarter of last year.

 

At the end of March, Lynx had $7.4 million in cash and cash equivalents, compared to $11.7 million at the end of December, 2002.

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