Strong fiscal 2001 for LION Bioscience

LION Bioscience of Germany has posted a 128% rise in revenues for thefiscal year ended March 2001 to 23.3 million euros ($19.7 million) while net loss for the period increased 7% to 13.5 million euros. The company said that it was pleased with its performance, especially given "a downturn in the economy and a negative reversal of the trends on the international stock exchanges for technology stocks." LION's results exceeded analysts' estimates, and the firm itself had previously expected to post revenues of 18.5 million euros.

Trega acquisition the highlight

R&D expenses for the reporting period increased 101% to 30.9 million euros, while general administrative costs were up 71% to 12.7 million euros. Looking back at the year, the firm said that it had successfully expanded its business activities in all major regions, especially in the USA where LION acquired Trega Biosciences (Marketletter January 1 and 8). LION concluded by saying that it is optimistic about its growth levels for the coming year, and that revenues should be around double that of fiscal 2001.