Lynx Therapeutics, Inc. (Nasdaq: LYNX) announced today it has completed a $4 million private financing of common stock and warrants for common stock. The financing included the sale of 800,000 newly issued shares of common stock at $5.00 per share and the issuance of warrants to purchase 200,000 shares of common stock at an exercise price of $6.25 per share. The price per share of common stock for this financing was based on the average of the volume-weighted average price for the 10 consecutive trading days prior to the completion of the financing.

The private placement was made to certain independent institutional investors. Lynx will file with the U.S. Securities and Exchange Commission a resale registration statement relating to the common stock to be issued in the transaction and the shares to be issued upon the exercise of the warrants.

"We are focused on expanding the commercial usage of our Massively Parallel Signature Sequencing, or MPSS(TM), technology, and this financing is expected to further support our efforts," said Kevin P. Corcoran, Lynx's President and Chief Executive Officer. "While we are committed to improving our financial position through revenue generated from both existing and new customer, collaborator and licensee relationships, we plan to continue considering various financing opportunities."

Lynx is a leader in the development and application of novel genomics analysis solutions that provide comprehensive and quantitative digital gene expression information important to modern systems biology research in the pharmaceutical, biotechnology and agricultural industries. These solutions are based on Megaclone(TM) and MPSS(TM), Lynx's unique and proprietary cloning and sequencing technologies.