Lexicon Pharmaceuticals, Inc. - LXRX STOCK NEWS

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced significant advancements in its investigational drug LX9211, aimed at treating neuropathic pain. Key presentations include findings from the Phase 2 RELIEF-DPN-1 study at PAINWeek 2022 and the IASP World Congress. The study, involving 319 patients across 40 sites, showed statistically significant reductions in pain compared to placebo, with p-values of 0.007 and 0.030 for low and high-dose arms, respectively. The drug has received FDA Fast Track designation, enhancing its potential as a treatment for diabetic peripheral neuropathic pain.

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced significant findings regarding its drug sotagliflozin at the European Society for Cardiology Congress, showcasing its dual SGLT1 and SGLT2 inhibition mechanism. Two posters presented highlight its effects on inflammation and thrombosis, suggesting potential benefits in ischemic disease. A study published in Diabetes Care indicates differing cardiometabolic impacts compared to Empagliflozin. Both the SCORED and SOLOIST-WHF Phase 3 studies of sotagliflozin achieved primary endpoints, supporting its FDA application for heart failure treatment.

Lexicon Pharmaceuticals (Nasdaq: LXRX) announced the sale of 2,526,540 additional shares in a public offering, bringing total shares sold to 19,370,140 and gross proceeds to approximately $48.4 million. Concurrently, two affiliates of Lexicon's largest shareholder acquired an additional 2,573,460 shares, totaling 19,729,860 shares and gross proceeds of about $49.3 million. Funds will be used for pre-commercial activities for sotagliflozin in heart failure, development of other candidates, and general corporate purposes.

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.