Lexicon Pharmaceuticals, Inc. - LXRX STOCK NEWS

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced significant milestones in its Q2 2022 financial results. The FDA accepted the New Drug Application for sotagliflozin aimed at treating heart failure, with a PDUFA action date expected in May 2023. Moreover, the company achieved proof-of-concept for LX9211 in treating painful diabetic neuropathy, with full results anticipated later this year. However, net losses increased to $24.6 million, up from $18.1 million year-over-year, while cash reserves decreased to $62 million as of June 30, 2022.

Lexicon Pharmaceuticals (Nasdaq: LXRX) is set to release its second quarter 2022 financial results on August 2, 2022, following market close. A conference call will be held at 5:00 p.m. ET to discuss the results and provide a business update. The company focuses on innovative medicines, with a pipeline in heart failure, neuropathic pain, diabetes, and metabolism, leveraging insights from its Genome5000™ program. Investors can access the live webcast on the company’s website for further details.

Lexicon Pharmaceuticals (LXRX) announced a public offering of 16,843,600 shares at $2.50 each, aiming to raise approximately $42.1 million. The offering, expected to close on August 1, 2022, is part of a strategy to fund activities related to the commercial launch of sotagliflozin for heart failure and the development of LX9211 for neuropathic pain. Additionally, Lexicon will conduct a concurrent private placement of 17,156,400 shares to raise around $42.9 million. Both offerings are subject to customary closing conditions.

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced an underwritten public offering of its common stock, with underwriters granted a 30-day option for additional shares. Proceeds will fund pre-commercial and commercial activities for sotagliflozin in heart failure, development of LX9211 for neuropathic pain, and general corporate purposes. The offering follows a shelf registration effective since September 14, 2021. Citigroup and Piper Sandler are managing the offering.

Lexicon Pharmaceuticals announced its New Drug Application (NDA) for sotagliflozin has been accepted for review by the FDA. This investigational drug, a dual SGLT1 and SGLT2 inhibitor, targets heart failure and is backed by the SOLOIST-WHF and SCORED Phase 3 studies with nearly 12,000 participants. The FDA set a standard review timeline for May 2023. Lexicon aims for a broad indication covering heart failure patients, with positive trial outcomes supporting its potential to reduce cardiovascular risks.

Lexicon Pharmaceuticals (LXRX) announced positive top-line results from the Phase 2 RELIEF-DPN-1 study of LX9211 for painful diabetic neuropathy. The drug achieved the primary endpoint, with a significant decrease in average daily pain scores compared to placebo, particularly at low doses. The study involved 319 patients and highlighted LX9211's potential new mechanism of action. While adverse events were more common in treatment groups, they were mostly mild. LX9211 has received Fast Track designation from the FDA, enhancing its development prospects.

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced that its CEO, Lonnel Coats, will present at the Jefferies 2022 Healthcare Conference on June 8, 2022, at 10:00 a.m. ET. A webcast of the event will be accessible on Lexicon's website, with an archived version available for two weeks. Lexicon focuses on pioneering biopharmaceuticals, having studied nearly 5,000 genes to identify over 100 protein targets for therapeutic development. The company has advanced one medication to market and has several candidates in various stages of development for conditions such as heart failure and diabetes.

Lexicon Pharmaceuticals (LXRX) has resubmitted a New Drug Application (NDA) to the FDA for sotagliflozin, targeting heart failure treatment. The NDA, based on the SOLOIST-WHF and SCORED Phase 3 trials, aims to address significant medical needs. The FDA will review the submission within a 60-day period to decide on its completeness. The trials demonstrated the efficacy of sotagliflozin, achieving their primary endpoints, which involved reductions in cardiovascular events among patients with diabetes and heart failure.

Lexicon Pharmaceuticals (Nasdaq: LXRX) reported Q1 2022 financial results, showing a net loss of $23.5 million, or $0.16 per share, compared to a loss of $21.0 million, or $0.15 per share in Q1 2021. The company plans to resubmit its New Drug Application for sotagliflozin for heart failure treatment, supported by a $150 million loan facility. Significant reductions in major adverse cardiovascular events were noted in sotagliflozin trials. Top-line results for LX9211 studies are expected this year.