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Lynx Q1 Revenues Up Slightly, Losses Widen

NEW YORK, April 25  - Despite a flurry of new collaborations with users of its microbead technology, Lynx Therapeutics reported Wednesday nearly flat first-quarter revenues.

Lynx’s revenues increased slightly to $3.4 million, from $3.0 million for the first quarter of 2000, stemming from service and access fees to Lynx’s technology. 

During the quarter, Lynx initiated collaboration with AstraZeneca for asthma SNP detection. The company also agreed to provide Celera with gene expression data generated using its technology and it has signed a deal to identify cancer genes for prostate cancer biotech company UroGene.

Additionally, Lynx of Hayward, Calif., recently initiated five technology development partnerships with different academic researchers. 

The company’s total expenses increased during the quarter to $8.6 million, from $6.9 million in the first quarter of 2000. 

The company predicted that its revenues would rise for the second quarter to $4.5 million and that its total 2001 revenues would reach between $20 and $25 million.

In addition to the collaborations begun during the first quarter, this month Lynx signed a second deal with AstraZeneca for disease gene expression analysis, and an agreement to genotype RNA from different varieties of the Tilapia fish for Norwegian marine genomics company GenoMar.

"Lynx has been more active than ever with its commercial and academic collaborations and agreements thus far in 2001," said Lynx CEO Norrie Russell in a statement "We are very excited about the quality of partners we've enlisted and the commercial potential for these relationships. The variety of deals is a testament to the versatility of our technology offerings."

Lynx reported a first-quarter net loss of $5.7 million, or 50 cents per share, eight cents above Wall Street’s expectations of 42 cents per share, according to a poll conducted by FirstCall/Thomson Financial. This figure compares to a net loss of $481,000, or four cents a share, in the year-ago quarter.

The company, which was not immediately available for comment, did not explain the unexpectedly wide losses in a statement.

As of March 31, Lynx had a total of $11.9 million in cash in its coffers.

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