Lonnel Coats Retires as Chief Executive Officer and Board Member of Lexicon Pharmaceuticals
Lexicon Pharmaceuticals, Inc. announced the retirement of Lonnel Coats as CEO and board member effective July 7, 2024. The board is searching for a new CEO. Under Coats' leadership, Lexicon has advanced compounds through development, transformed into a biopharmaceutical business, and built a strong management team. Coats expressed gratitude for the opportunity to lead the company and highlighted upcoming initiatives, including the launch of new products and clinical studies.
- Lonnel Coats led Lexicon through significant advancements in compound development, business transformation, and team building.
- Upcoming initiatives such as the launch of new products and clinical studies demonstrate Lexicon's commitment to growth and innovation.
- The retirement of Lonnel Coats, a long-standing CEO, may introduce uncertainties during the transition period until a new CEO is appointed.
THE WOODLANDS, Texas, April 29, 2024 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that Lonnel Coats has provided notice of his retirement as chief executive officer and as a member of its board of directors, in each case effective July 7, 2024, his 10th anniversary with the company. The board of directors has initiated a search for a new chief executive officer which will consider both internal and external candidates.
“During Mr. Coats’ tenure, Lexicon advanced two compounds through clinical development and into market, multiple programs into late-stage development and numerous compounds from discovery into development”, said Ray Debbane, the chair of Lexicon’s board of directors. “It is under his leadership that Lexicon transformed from a scientific platform company into a fully integrated biopharmaceutical business. Equally important, he has assembled a tremendous management team that is well positioned to carry forward his leadership and the company’s mission.”
“I am truly blessed to have had the opportunity to spend the last decade leading this remarkable company,” said Mr. Coats. “I have had the privilege to work with an outstanding board which has been consistent in its support and dedication to the long view of value creation for the company. Most importantly, it's been such an honor to work with so many dedicated and talented team members at every level of the company. They are the real heartbeat of Lexicon and I am confident there will be “NO LET UP!”
“Lexicon has never been stronger,” Mr. Coats added. “We have a talented commercial leadership team dedicated to accelerating access and sales of INPEFA® over the next few quarters. We are working to have an opportunity to leverage our commercial infrastructure and talent to launch sotagliflozin for people with type 1 diabetes and chronic kidney disease as early as the first quarter of 2025. We expect that a Phase 3 study of sotagliflozin in hypertrophic cardiomyopathy will be underway by mid-year, which if successful could enable sotagliflozin to be in market for that indication by late 2027. We expect to disclose topline data from our PROGRESS Phase 2b study of LX9211 for diabetic peripheral neuropathic pain by the second quarter of 2025. And our latest clinical candidate, LX9851 for obesity and weight management, is advancing toward IND-enabling studies. With our recent successful capital raise and management’s commitment to responsible and targeted capital allocation, focused execution, and openness to partnership opportunities, I am confident Lexicon’s greatest days are ahead.”
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 and development 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 on the timeline and/or at the prices currently contemplated or at all, 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 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
