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Lynx s CEO Russell Abruptly Resigns; VP Named as Replacement

NEW YORK, June 4 - Norrie Russell, the acerbic president and CEO of Lynx Therapeutics, has resigned, the company said today.


Kevin Corcoran, vice president of operations at Hayward, Calif.-based Lynx and a veteran of Applied Biosystems, was named as a replacement.


Though it was not immediately clear why Russell left--Lynx said he split "to pursue other interests"--a more accurate reason may be the company's financial outlook: Though it reported strong increase in first-quarter revenues and a narrowed net loss, Lynx had total cash, cash equivalents, and short-term investments of just under $2 million as of March 31.

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