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NEWSBRIEF: Revenues, Expenses, and Losses Climb for Lexicon Genetics in Q1

NEW YORK, May 9-Lexicon Genetics reported increased revenues, expenses and losses for first quarter 2002.


Net loss for the quarter was $14.1 million or 27 cents per share, up from $8 million or 17 cents per share in the equivalent quarter of 2001.


Revenues increased by 131 percent, climbing from $3.3 million in the first quarter of 2001 to $7.7 million in the first quarter of 2002.


Revenues were boosted by $3.4 million in access fees from major license deals, including agreements with  Bristol-Myers Squibb and Incyte Genomics. Collaborative research agreements brought in another $4.3 million.


R&D expenses increased 71 percent from $9.9 million in the first quarter of 2001 to $16.9 million in the first quarter of 2002, primarily driven by intensified drug discovery, gene knockout and functional analysis programs.


The company now employs 505 people in total.


As of March 31, 2002, the company held $148.8 million in cash and investments.

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