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Lynx Raises $11.1 Million in Private Financing

NEW YORK, May 24 – Lynx Therapeutics said Thursday it had received a cash injection of $11.1 million in a private placement from a group of seven unnamed investors led by HBK Master Fund.

The new funds will help to shore up the companies dwindling resources as it continues developing its products and building its business. As of March 31, 2001, Lynx had $11.9 million in cash and cash equivalents.

The company plans to use the money to “support ongoing commercial, business development, and research and development activities,” including the development of its MegaType and Protein ProFiler technologies, and internal discovery efforts, according to a statement.

The placement included the sale of 1.7 million newly issued shares of common stock at $6.37 per share. On Thursday, Lynx’s stock closed down 58 cents, or 7.1 percent, at $7.56.   

Over the past few months Lynx has reported a handful of deals. Over the past few months Lynx has signed deals with Celera, AstraZeneca, and AniGenics.

The company posted first quarter net losses of $5.7 million, or 50 cents per share, compared with $481,000, or four cents a share, in the year ago period.

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