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Lynx Revenues Down, Net Loss Up

NEW YORK, Feb. 26 -- Lynx Therapeutics recorded a net loss of $3 million for the fourth quarter ending Dec. 31, the company reported today.

The Hayward, Calif.-based genomics discovery services firm increased its losses from $2.8 million for the year-ago quarter and had total revenues of $4.7 million for the quarter, compared to $5.7 million for the same quarter in 2001. The company had net revenues of $4.8 million for the third quarter of 2002 and a net loss of $3.3 million. Lynx spent $4.2 million on research and development for the quarter, compared to $6.2 million for the year-ago quarter.

Lynx laid off 30 employees in January, following a layoff of 44 employees in April, leaving the company with a headcount of 90. The layoffs cost the company about $500,000.

Going forward, the firm is focusing on increasing its revenues, Kevin Corcoran, Lynx CEO and president said in a statement. The company sells analysis services using its massively parallel signature sequencing (MPSS) technology.

The company is estimating positive-operating results for fiscal year 2003, and revenues in a range of $24 million to $27 million.

The company reported cash and cash equivalents of $11.7 million as of Dec. 31.

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