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Lexicon ends Q3 with $53 million of cash and investments, revenues up 40%
By Lisa Kerner
Charlotte, N.C., Oct. 31 - Lexicon Genetics Inc. reported its financial results for the third quarter ended Sept. 30, which included $53.0 million of cash and investments. In comparison, the company had $65.3 million at June 30 and $99.7 million at Dec. 31, 2005.
The company's revenues rose 40% to $19.6 million for the third quarter from $14.0 million for the third quarter of 2005. Lexicon attributed the rise to revenue recognized under its contract with the National Institutes of Health, expanded biotherapeutics drug discovery and development with Genentech, Inc. and a research grant from the United States Army related to spinal muscular atrophy.
Research and development expenses for the period increased 16% to $27.0 million from $23.3 million for year-ago quarter.
Lexicon reported a decreased net loss of $12.8 million, or $0.22 per share, for the third quarter, compared with a net loss of $14.1 million, or $0.22 per share, for the third quarter of 2005.
For the nine months ended Sept. 30, Lexicon said revenues increased 36% to $56.7 million, research and development expenses rose 16% to $81.1 million and the net loss decreased slightly to $40.5 million, or $0.63 loss per share, from the prior-year period.
"Phase 1 clinical trials are underway for LX6171 for cognitive disorders, LX1031 for irritable bowel syndrome is on track for an Investigational New Drug filing this year and we are initiating IND-enabling studies for LX2931 for autoimmune disease," president and chief executive officer Arthur T. Sands said in a company news release.
Lexicon is a biopharmaceutical company located in The Woodlands, Texas.
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