Lexicon Board of Directors Appoints Mike Exton, Ph.D. as New Chief Executive Officer and Director
Lexicon Pharmaceuticals announced the appointment of Mike Exton, Ph.D., as its new CEO, effective July 8, 2024. Dr. Exton succeeds Lonnel Coats, who retired on July 7, 2024. Exton brings extensive experience from his 14-year tenure at Novartis, where he led the global cardiometabolic therapeutic area and played a key role in commercializing the world’s leading heart failure drug. He also has a strong background in research, development, and strategic acquisitions. Concurrently, Jeff Wade has been promoted to president and COO, having served as Lexicon's president and CFO since October 2021.
- Appointment of Mike Exton as CEO brings extensive experience in cardiometabolic therapeutic areas and commercial success.
- Jeff Wade's promotion to president and COO ensures continuity in leadership with his longstanding service at Lexicon.
- Potential risk of leadership transition period affecting business operations and strategic initiatives.
Jeff Wade Named President and Chief Operating Officer
THE WOODLANDS, Texas, July 08, 2024 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that the Lexicon Board of Directors has appointed Mike Exton, Ph.D. as chief executive officer and director of Lexicon. Dr. Exton succeeds Lonnel Coats who, as previously announced, retired effective July 7, 2024. Dr. Exton most recently served as the global cardiometabolic therapeutic head at Novartis.
“I am confident that Mike is the right person to serve as Lexicon’s next chief executive officer at this critical time for the company,” said Ray Debbane, chairman of Lexicon’s board of directors. “He is an inspiring leader with a demonstrated track record of success, including leading the commercialization of the world’s leading heart failure drug and building out a strong, multiple-product cardiometabolic business during his time at Novartis. His experience in the pharmaceutical industry spans research, development, commercialization and the evaluation and negotiation of strategic acquisitions, licensing and partnerships. We believe that adding Mike’s leadership and complementary capabilities and experience to those of our talented existing management team will position the company for tremendous future success.”
“I am excited and honored to be appointed Lexicon’s new chief executive officer,” said Dr. Exton. “I am impressed with Lexicon’s current assets and pipeline and look forward to leading this talented group of employees as we focus on executing together on the important near-term objectives to drive value for the future.”
Dr. Exton’s broad experience includes fourteen years with Novartis, most recently leading the global cross functional commercial therapeutic areas of cardiovascular and metabolic disease, with key responsibilities in discovery, development, commercial launch preparation, business development, investor relations and media engagement. Dr. Exton’s previous positions with Novartis included vice president and global head, cardiovascular renal and metabolism franchise and vice president and head, cardiovascular renal and metabolism franchise of Novartis USA. Prior to joining Novartis, he was director of business development with Invida Pty Ltd and spent nine years with Eli Lilly Australia, where he held a variety of research, business development and commercial positions. Dr. Exton holds a B.Sc. and a Ph.D. in neuroscience from the University of Newcastle and a Ph.D. in immunology from the University of Essen, Germany.
Concurrent with Dr. Exton’s appointment as chief executive officer, Jeff Wade has been named president and chief operating officer. Mr. Wade has served as Lexicon’s president and chief financial officer since October 2021, having previously served in a series of finance, corporate development, administrative and legal leadership positions since joining the company.
About Lexicon Pharmaceuticals
Lexicon is a biopharmaceutical company with a mission of pioneering medicines that transform patients’ lives. Through the Genome5000™ program, Lexicon’s unique genomics target discovery platform, Lexicon scientists studied the role and function of nearly 5,000 genes and identified more than 100 protein targets with significant therapeutic potential in a range of diseases. Through the precise targeting of these proteins, Lexicon is pioneering the discovery and development of innovative medicines to treat disease safely and effectively. Lexicon has commercially launched one of these medicines, INPEFA® (sotagliflozin) in the United States, and has a pipeline of other promising drug candidates in discovery and clinical and preclinical development in neuropathic pain, diabetes and metabolism and other indications. For additional information, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking statements,” including statements relating to Lexicon’s financial position and long-term outlook on its business, growth and future operating results, discovery, development and commercialization of products, strategic alliances and intellectual property, as well as other matters that are not historical facts or information. All forward-looking statements are based on management’s current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including Lexicon’s ability to meet its capital requirements, successfully commercialize INPEFA in heart failure, conduct preclinical and clinical development and obtain necessary regulatory approvals of sotagliflozin (in other indications), LX9211, LX9851 and its other drug candidates on its anticipated timelines, achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, as well as additional factors relating to manufacturing, intellectual property rights, and the therapeutic or commercial value of its products and drug candidates. Any of these risks, uncertainties and other factors may cause Lexicon’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under “Risk Factors” in Lexicon’s annual report on Form 10-K for the year ended December 31, 2023 and other subsequent disclosure documents filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For Investor Inquiries:
Lisa DeFrancesco
Lexicon Pharmaceuticals, Inc.
lexinvest@lexpharma.com
For Media Inquiries:
Alina Cocuzza
Lexicon Pharmaceuticals, Inc.
acocuzza@lexpharma.com
FAQ
Who is the new CEO of Lexicon Pharmaceuticals as of July 2024?
What experience does Lexicon's new CEO Mike Exton bring to the company?
What recent changes have been made in Lexicon Pharmaceuticals' executive team?
What was Mike Exton's role prior to joining Lexicon Pharmaceuticals?
Who did Mike Exton succeed as CEO of Lexicon Pharmaceuticals?
