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Paradigm Revises Profit Forecast

NEW YORK, July 11 - Paradigm Genetics announced yesterday that it had revised its earnings projections for the fourth quarter of 2003 from $.05 to $.06 per share profit to between a loss of $.04 per share and a profit of $.01 cent per share. The original guidance was issued in a year-end conference call held in February.

 

Despite its lowering of projections for profitability, Paradigm now expects to have $13 to $15 million in cash and cash equivalents at the end of 2003, as opposed to the $7 to $9 million projected previously. This new figure includes the $2.5 million line of revolving credit that Paradigm gained as part of its $7.5 million debt financing deal with Silicon Valley Bank of Santa Clara, Calif.The financing deal was also announced yesterday, as reported here.

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