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Biotech / Medical : LEXG-Lexicon Genetics

LXRX 1.390

+3.7%

Oct 31 3:59 PM EST

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From: tuck	3/31/2005 1:00:46 PM
	of 254

>>THE WOODLANDS, Texas, March 31 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today that it has reached an agreement with Deltagen, Inc. providing for the settlement of Lexicon's claim in Deltagen's bankruptcy proceedings and the assumption by Deltagen of a sublicense agreement from Lexicon. The agreement has been approved by the court overseeing Deltagen's bankruptcy proceedings. Lexicon received an initial payment of $4 million in connection with the settlement and may receive up to $6 million in additional payments from Deltagen's net licensing revenues from existing lines of knockout mice and related phenotypic data. Lexicon will also be entitled to receive royalties on Deltagen's net licensing revenues from any lines of knockout mice that Deltagen may generate in the future. The assumed sublicense grants Deltagen non-exclusive rights under patents controlled by Lexicon covering gene targeting technologies for the generation of knockout mice, subject to limitations on the number of lines of knockout mice Deltagen may generate in the future. As a result of this settlement, Lexicon announced that its revenues for the three months ending March 31, 2005 will exceed $13 million, which is above the high end of Lexicon's revenue guidance for the quarter. Lexicon also reiterated its full year 2005 revenue guidance of $70 million to $75 million.<< snip Haven't been paying close attention here. The shelf has been an albatross for LEXG, with no defining moments on the horizon that I know of. But worth checking out a presentation or something; looks pretty cheap? Cheers, Tuck

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