Lexicon reports second-quarter revenues up 16% to $16.2 million

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Lexicon Genetics Inc. said for revenues increased 16% to $16.2 million the three months ended June 30, up from $13.9 million for the corresponding period in 2005.

Net loss for the quarter increased to $16.9 million from a net loss of $14.8 million in the prior year period.

Net loss per share for the three months ended June 30 was $0.26 compared to $0.23 for the same three-month period in 2005.

Lexicon said for the six months ended June 30 revenues increased 33% to $37.1 million from $27.8 million for the six months ended June 30, 2005.

Net loss for the first half of 2006 decreased to $27.7 million, or $0.43 per share, from a net loss of $28.1 million, or $0.44 per share, in the corresponding period in 2005.

As of June 30, Lexicon had $65.3 million in cash and investments, including restricted cash and investments, as compared to $87.0 million as of March 31, and $99.7 million as of Dec. 31, 2005.

"We continue to make progress with our drug discovery and development programs," president and chief executive officer Arthur T. Sands said in a news release.

"Our application to initiate a phase 1 clinical trial for LX6171 has received clearance from the United Kingdom Medicines and Healthcare Products Regulatory Agency, and we expect to have that trial underway shortly."

LX6171 is a small molecule compound being developed to treat cognitive disorders such as Alzheimer's disease.

Lexicon is a biopharmaceutical company based in The Woodlands, Texas.

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