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Biotech / Medical : LXR Biotech.

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To: BRAVEHEART who wrote (144)	6/10/1999 9:12:00 AM
From: Wafa SHIHABI	Read Replies (1) of 154

Lxr Biotechnology Inc. Dow Jones Newswires -- June 10, 1999 DJ LXR Biotech To Form Devt Organization RICHMOND, Calif. (Dow Jones)--LXR Biotechnology Inc. (LXR) will form a development organization focused only on the preclinical and clincal advancement of late stage projects, eliminating other operations. In a press release Thursday, the biopharmaceutical company said it has completed staff reductions and will auction the research laboratory equipment it no longer needs. LXR president and chief executive Paul J. Hastings will resign his posts June 14, but will remain a director of the company. The company said chairman G. Kirk Rabb will serve as acting president. LXR said it expects reduced expenses and funding for continued operations as a result of the moves. The company continues to work with U.S. Bancorp (USB) to identify strategic alternatives. The company will use outside contractors to identify opportunities for licensing its Lexirin product and to pursue clinical development of its HK-Cadiosol. LXR also plans to relocate its headquarter to smaller office space in Richmond to save money. LXR posted a loss of $9.8 million, or 34 cents a share, in 1998 on revenue of $164,038. -Roy Reynolds; 201-938-5400

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