Lexicon Genetics Changing Name, Refocusing Business to Achieve Goal of Advancing Ten Drug Candidates Into Human Clinical Trials by 2010
Monday January 29, 4:30 pm ET
This seems a particularly silly new name.
I look forward to the next change... 10to11, Quarterpast11, TwominutestoMidnight, etc....
THE WOODLANDS, Texas, Jan. 29 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today that it is changing its name to Lexicon Pharmaceuticals, Inc. to reflect that it is focusing its operations on drug discovery and development activities related to its 10to10 Program. The 10to10 Program is an ongoing company initiative with the goal of advancing ten drug candidates into human clinical trials by 2010. Lexicon's planned name change will be submitted for shareholder approval at its upcoming annual shareholder meeting.
Lexicon expects the 10to10 clinical development programs to result from its internal drug discovery efforts as well as from efforts with collaborators. Lexicon has two proprietary compounds in human clinical trials and anticipates filing investigational new drug applications for two additional compounds in 2007.
Lexicon's operational realignment has been made possible by the scheduled completion of its Genome5000(TM) program. Lexicon is reducing the financial and human resources applied to its genetic research efforts and will reallocate those resources to its novel drug development programs. As a result, Lexicon expects operating expenses for 2007 to be approximately the same as in 2006, even with a substantial increase in clinical development activity.
"We are reaching the successful conclusion of the Genome5000 program and have made the transition to drug development," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer. "With two investigational new drugs already in clinical trials and two more INDs to be filed this year, we believe we are well on our way to achieving our goal of ten drug candidates in human clinical trials by 2010. Our target discovery engine has delivered more than 100 promising drug targets addressing major medical needs. We are now fully aligned to rapidly develop drugs based on our novel targets."
Phase 1 clinical trials are ongoing for LX6171, Lexicon's oral drug candidate being developed to treat disorders characterized by cognitive impairment such as Alzheimer's disease, schizophrenia or vascular dementia. In addition, Lexicon recently initiated Phase 1a clinical trials of LX1031, an oral drug candidate being developed for irritable bowel syndrome and other gastrointestinal disorders. In the second half of 2007, Lexicon expects to file IND applications for LX2931 for rheumatoid arthritis and LX1032 for gastrointestinal disorders.
About Lexicon
Lexicon is a biopharmaceutical company discovering and developing breakthrough treatments for human disease. Lexicon currently has clinical programs underway for such areas of major unmet medical need as irritable bowel syndrome and cognitive disorders. The company has used its proprietary gene knockout technology to discover more than 100 promising drug targets and create an extensive pipeline of clinical and preclinical programs in the therapeutic areas of diabetes and obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders and ophthalmic disease. To advance the development and commercialization of its programs, Lexicon is working both independently and through collaborators which include Genentech, Inc., Bristol-Myers Squibb Company, N.V. Organon and Takeda, Ltd. For additional information about Lexicon and its programs, please visit lexicon-genetics.com . |
