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Paradigm Posts 31 Percent Revenue Rise in Q3

SAN FRANCISCO, Nov. 7 – Paradigm Genetics on Wednesday posted third-quarter revenues of $6.3 million versus $3.5 for the same quarter a year ago, the company announced.

The Research Triangle Park, N.C.-based company attributed the revenue rise to output related to partnerships with Bayer and Monsanto.

Total operating expenses for the period increased 31 percent to $10.2 million from $7.8 million for the year-ago period.

Paradigm reported a net loss of $4.1 million, or 15 cents per common share for the third quarter of 2001, compared to a net loss of $4 million, or 16 cents per share for the third quarter of 2000. 

On October 22, 2001, the company sold approximately 5.1 million shares of common stock, netting $26 million. Following this transaction, the company reported $52 million in cash, cash equivalents and investments.

Commenting on the stock sale, Paradigm chief financial officer Ian Howes said: “As well as providing working capital, this additional cash will allow us to continue developing our internal discovery and development programs including the launch of our metabolomics platform into the healthcare and nutrition markets.”

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