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NEWSBRIEF: Lynx Reports Increased Revenue, Narrowed Loss in Q1

NEW YORK, May 2 - Lynx Therapeutics today reported a strong increase in first-quarter revenues and a narrowed net loss.


Total revenue for the period ended March 31 was $5.0 million, a 48 percent increase from the $3.4 million it reported one year ago.


Total operating expenses in the quarter grew slightly to $9 million from $8.6 million. This was led chiefly by mild growth in R&D spending, which came to $6.9 million from $6.0 million in the year-ago period.


Net loss was roughly $3.8 million, or $.27 per share, in the current first quarter compared with $5.7 million, or $.50 per share, year over year, Lynx reported.


The company had total cash, cash equivalents, and short-term investments of just under $2 million as of March 31.


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