Lexicon Pharmaceuticals, Inc. reports developments as a Nasdaq-listed biopharmaceutical company focused on the discovery, development and commercialization of medicines for human disease. Company news commonly covers pipeline updates in neuropathic pain, hypertrophic cardiomyopathy, obesity, metabolic disorders and other cardiometabolic indications, including clinical data presentations for sotagliflozin and pilavapadin.
Recurring updates also include operating and financial results, regulatory interactions, material agreements, financing arrangements and governance or shareholder-voting matters. Coverage of LXRX often connects capital-structure actions with the resources used to advance clinical and preclinical drug candidates.
Lexicon Pharmaceuticals (Nasdaq: LXRX) is set to release its Q3 2020 financial results on October 29, 2020, before market opening. The management will host a conference call at 8:00 a.m. ET to discuss these results and provide an update on clinical developments. Lexicon is known for pioneering medicines and has an active pipeline focused on diabetes, neuropathic pain, and more. The company emphasizes the significance of its Genome5000™ program in discovering various therapeutic targets.
Lexicon Pharmaceuticals (Nasdaq: LXRX) announced its agreement to exchange $62.55 million of its 5.25% Convertible Senior Notes due 2021 for $41.03 million in cash and 8.75 million shares of common stock. The transaction, expected to close by September 28, 2020, aims to reduce remaining interest expenses by approximately $3.9 million. Following these exchanges, Lexicon's outstanding debt will have decreased by about 90% since June 30, 2020, aligning with its focus on the LX9211 neuropathic pain program and other R&D initiatives.
Lexicon Pharmaceuticals (Nasdaq: LXRX) has commenced patient dosing in the RELIEF-DPN-1 study, a Phase 2 clinical trial evaluating LX9211 for diabetic peripheral neuropathic pain. LX9211 is an oral AAK1 inhibitor aimed at reducing pain without addictive effects. The study aims to enroll 300 patients across 30 U.S. sites, focusing on changes in pain scores over six weeks. Lexicon prepares for additional studies in related pain conditions, leveraging promising preclinical results and a favorable Phase 1 safety profile.
Lexicon Pharmaceuticals (Nasdaq: LXRX) announces participation in two upcoming virtual conferences: Citi's 15th Annual BioPharma Conference on September 9, 2020, and Wells Fargo's 2020 Virtual Healthcare Conference on September 10, 2020. Jeffrey L. Wade, the executive vice president and CFO, will present at the Wells Fargo conference at 2:00 p.m. ET, with the webcast available on Lexicon's website. Lexicon focuses on pioneering medicines through its Genome5000™ program, targeting significant therapeutic proteins to treat various diseases.
GTCR has finalized an agreement for its portfolio company, TerSera Therapeutics, to acquire Xermelo® (telotristat ethyl) from Lexicon Pharmaceuticals (LXRX) for approximately $159 million, with additional milestone payments possible. Xermelo is the first approved oral therapy for carcinoid syndrome diarrhea. This acquisition will enhance TerSera's oncology portfolio, which already includes products like Zoladex® and Varubi®. The deal supports GTCR's strategy, reflecting commitment to growth in therapeutic areas.
Lexicon Pharmaceuticals (LXRX) is advancing its neuropathic pain program with the initiation of a Phase 2 clinical study for LX9211, targeting diabetic peripheral neuropathic pain. The RELIEF-DPN-1 study aims to enroll 300 patients across 30 U.S. sites. Additionally, Lexicon has agreed to sell its XERMELO product to TerSera for up to $224 million, including $159 million upfront, which will significantly reduce its debt, repaying a $150 million secured loan. This strategic shift emphasizes Lexicon’s focus on innovative pain therapies.
Lexicon Pharmaceuticals (Nasdaq: LXRX) has entered into an asset purchase agreement to sell XERMELO (telotristat ethyl) to TerSera Therapeutics for approximately $159 million, including a $155 million upfront payment. Lexicon may additionally receive up to $65 million in milestone payments and mid-teens royalties on net sales in biliary tract cancer. The agreement allows Lexicon to focus on LX9211 and reduce debt. The transaction is expected to close in Q3 2020, pending customary conditions.
Lexicon Pharmaceuticals (LXRX) reported a net loss of $69.1 million for Q2 2020, significantly higher than $23.0 million in the same period of 2019. Despite this, U.S. net sales of XERMELO increased by 21% year-over-year, reaching $9.0 million. Research and development expenses surged to $57.3 million due to external clinical costs following the end of its alliance with Sanofi. As of June 30, 2020, cash and investments totaled $201.9 million, down from $271.7 million at the end of 2019. The company continues to progress with its clinical pipeline, including a Phase 2 study for LX9211.
Lexicon Pharmaceuticals (LXRX) announced topline data from four Phase 3 studies of sotagliflozin for type 2 diabetes, including SOTA-MONO, SOTA-SU, SOTA-GLIM, and SOTA-INS. All studies achieved their primary objectives of reducing A1C levels. The findings indicated a generally favorable safety profile, with some gastrointestinal side effects noted. Notably, Lexicon stated that it does not plan to seek regulatory approval for sotagliflozin without a strategic partnership. These results will be presented at upcoming medical congresses.
Lexicon Pharmaceuticals (Nasdaq: LXRX) announced the presentation of four posters focusing on XERMELO (telotristat ethyl) at the Cholangiocarcinoma Foundation Annual Conference from July 22-24, 2020. Key studies include safety results of a Phase 2 trial combining telotristat ethyl with first-line chemotherapy for advanced biliary tract cancer. XERMELO, the first oral therapy for carcinoid syndrome diarrhea, is approved in multiple countries and targets tryptophan hydroxylase to reduce serotonin production in metastatic neuroendocrine tumors.