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Biotech / Medical : LEXG-Lexicon Genetics

LXRX 1.390

+3.7%

Oct 31 9:30 AM EDT

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From: nigel bates	6/13/2006 9:30:42 AM
	of 254

Lexicon Genetics Receives Equity Financing Commitment Tuesday June 13, 7:30 am ET THE WOODLANDS, Texas, June 13 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today that it has received a commitment for up to $75 million in common stock equity financing from Azimuth Opportunity Ltd. During the 18-month term of this equity financing commitment, Lexicon may sell registered shares of its common stock at its sole discretion to Azimuth Opportunity at a small, pre-negotiated discount to the market price. Acqua Capital Management Company is an advisor to Azimuth Opportunity. Lexicon will use net proceeds from any sale of the securities for research, drug discovery and development activities, including the preclinical and clinical development of its lead programs: LX-6171 for cognitive disorders such as Alzheimer's disease and LX-1031 for irritable bowel syndrome. In addition, these funds may be used to accelerate the advancement of Lexicon's lead internal drug discovery programs in immunology and metabolism and for capital expenditures and other general corporate purposes. The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission on January 21, 2005. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction...

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