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Solexa Revenues Rise in Q3 with Lynx Business; Firm Reaffirms Launch Date for New Sequencer

NEW YORK, Nov. 14 (GenomeWeb News) - Solexa today reported an increase in revenues for the quarter ended Sept. 30 and reaffirmed its production timeline for 2006.

 

Solexa's revenues for the third quarter rose to $844,000 from $31,000 in the same period a year ago. The reported financial results for third quarter 2005 include results from Lynx Therapeutics, whose genomics service business Solexa added on March 4. The financial results from 2004 do not include Lynx.

 

Soelxa generates revenues from service fees generated from the genomics service business. Revenue does not yet reflect fees from Solexa's reversible-terminator and the Clonal Single Molecule Array DNA sequencing platform. GenomeWeb News reported last month that the company demonstrated the technology could be applied to resequence human DNA.

 

"We are on track with our stated milestones of completing the introduction of our genetic analysis instrument later this year and continue to expect commercial instrument sales in the first half of 2006," John West, chief executive officer, said in a statement.

 

The company spent $4.5 million on research and development costs this quarter.

 

Solexa reported a net loss for the third quarter 2005 swell to $10.8 million, or $.43 per share, from $3.2 million, or $3.07 per share, year over year.

 

Solexa ended the third quarter with approximately $19 million in cash and cash investments as of Sept. 30.

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