Solexa, Inc. is in the business of developing and commercializing genetic analysis technologies. The Company provides genomics discovery services using its Massively Parallel Sequencing System (MPSS), which offers quantitative digital gene expression information important to modern systems biology research in the pharmaceutical, biotechnology and agricultural industries. The Company also supplies customers with deoxyribonucleic acid (DNA) sequences and other information that result from experiments. As of December 31, 2004, Solexa is developing and preparing to commercialize an instrumentation system for genetic analysis based on its Sequencing-by-Synthesis (SBS), chemistry and the DNA cluster technology it acquired in 2004. This one platform is expected to support genetic analysis, including DNA sequencing, gene expression, genotyping and micro-RNA (ribonucleic acid) analysis. The Company anticipates launching the whole-genome sequencing system during 2005. Solexa was formerly known as Lynx Therapeutics, Inc. (Lynx) until March 2005 when it merged with Solexa Limited and changed its name to Solexa, Inc. In April 2004, the Company acquired jointly with Solexa Limited the rights to proprietary technology assets for DNA colony generation from Manteia SA, a company established under the laws of Switzerland. The acquired technology assets feature a process to enable parallel amplification of millions of DNA fragments, each from a single DNA molecule, to create DNA colonies or clusters. The clusters are dense collections of DNA molecules on a surface, which should enable fast and simplified preparation of the biological sample for analysis and allow reduced reagent consumption as a result of the highly parallel nature of the analysis. The Company intends to incorporate the cluster technology assets into its genomic sequencing equipment. Solexa Limited is a privately held company registered in England and Wales that develops systems for the comprehensive and economical analysis of individual genomes. Solexa Limited has become a wholly owned subsidiary of Lynx as a result of the transaction made with Lnyx in March 4, 2005. The Company is developing a DNA sequencing instrument system for commercial sale, focusing initially on the genomic resequencing market. This system includes the instrument itself, a set of biochemical reagents, a set of consumable devices used in the operation of the instrument (flow cells) and data analysis software. Solexa anticipates offering successive generations of instrument designs to meet different customer needs, serve different price points and take advantage of improving technology. It similarly anticipates offering multiple reagent sets and corresponding software systems for different applications. The Company's service business, which accounted for substantially all of its revenues in 2004, provides in-depth gene expression information to customers based on the MPSS technology. Solexa anticipates that its new instrument system will be phased into existing service business and that, over time, it may replace some or all of its existing service offering based on the MPSS technology. Solexa has derived substantially all of its revenues from corporate collaborations, customer agreements and licensing arrangements related to Lynx's gene expression services business. For the year ended December 31, 2004, revenues from E.I. DuPont de Nemours and Company, The National Human Genome Research Institute and Axaron Bioscience AG, an affiliate of Solexa, accounted for 35%, 30% and 11%, respectively, of its total revenues. Solexa's competitors include Affymetrix, Inc., Celera Genomics Group, Gene Logic, Inc., Agencourt Biosciences, Applera Corporation, Beckman Coulter, Inc., General Electric, 454 Corporation, Helicos Biosciences, Nanofluidics, Visigen and Genovoxx.

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