LXRX press release indicates progress in all 3 Ph2 candidates. They have enough cash to last about 9 quarters at current burn. I had lost track of their recent refi, but it looks like the number of share increased from about 135M to 335M. Wow, that is some dilution.
graham
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finance.yahoo.com
THE WOODLANDS, Texas, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Lexicon Pharmaceuticals, Inc. (Nasdaq:LXRX - News), a biopharmaceutical company focused on discovering breakthrough treatments for human disease, today updated the progress of its drug development programs and reported financial results for the three and nine months ended September 30, 2010.
"Having established proof-of-concept for two new mechanisms of action in irritable bowel syndrome and diabetes, we are now preparing our drug candidates for the next phase of development, with a focus on formulation and dose selection in order to optimize the ultimate commercial product opportunity for these programs," said Dr. Arthur T. Sands, president and chief executive officer of Lexicon. "Over the coming months, we are also looking forward to two more proof-of-concept results in rheumatoid arthritis and carcinoid syndrome."
Key Progress in Clinical Pipeline
Diabetes: Lexicon continues to progress its dual sodium-glucose cotransporter 1 (SGLT1) and SGLT2 inhibitor, LX4211, in patients with type 2 diabetes. In preparation for a 12-week Phase 2b study that is anticipated to initiate around mid-year 2011, a 13-week toxicology study was completed, a prototype tablet has been formulated, and a pharmacokinetic/pharmacodynamic study in humans has been initiated to evaluate the bioequivalence of the solid oral formulation compared to the liquid formulation that was used in the previous studies and to further evaluate various measures of glucose control and GLP-1 signaling.
Irritable Bowel Syndrome: Reformulation of LX1031 has progressed with the goal of achieving a lower and less frequent dosing regimen that will provide a similar safety and efficacy profile to that observed with the original formulation. In addition, LX1033, a back-up compound that is approximately 10-fold more potent than LX1031, has completed IND-enabling studies. It is anticipated that LX1033 will commence Phase 1 testing in the first quarter of 2011.
Rheumatoid Arthritis: Lexicon completed dosing in the expanded Phase 2a clinical trial of its drug candidate for rheumatoid arthritis, LX2931, an inhibitor of sphingosine-1-phosphate lyase. Top-line data from the study, which enrolled 208 patients and was conducted at multiple centers in the United States and Eastern Europe, are expected to be available by the end of the year.
Carcinoid Syndrome: Enrollment in both the United States and Europe is continuing in the Phase 2a trials for LX1032, an inhibitor of tryptophan hydroxylase that reduces peripheral serotonin production without affecting brain serotonin levels. Preliminary data from both trials are expected to be available in the first half of 2011.
Financial Results and Events
On July 30, 2010, Lexicon exercised a restructured purchase option under its drug development financing collaboration with Symphony Icon Holdings LLC and acquired all the equity of Symphony Icon, Inc., thereby reacquiring all rights to LX1031, LX1032, LX1033 and the other drug programs subject to the collaboration. Pursuant to the amended terms of the purchase option, Lexicon paid Symphony Icon Holdings LLC $10 million and agreed to make up to $80 million in additional base and contingent payments.
Revenues: Lexicon's revenues for the three months ended September 30, 2010 decreased 63 percent to $0.8 million from $2.1 million for the corresponding period in 2009. The decrease for the three months ended September 30, 2010 was primarily attributable to reduced revenues under Lexicon's alliance agreements with Taconic Farms and Bristol-Myers Squibb Company. For the nine months ended September 30, 2010, revenues decreased 61 percent to $3.7 million from $9.3 million for the corresponding period in 2009.
Research and Development Expenses: Research and development expenses for the three months ended September 30, 2010 increased four percent to $20.1 million from $19.3 million for the corresponding period in 2009. For the nine months ended September 30, 2010, research and development expenses decreased two percent to $61.4 million from $62.4 million for the corresponding period in 2009.
General and Administrative Expenses: General and administrative expenses for the three months ended September 30, 2010 increased eight percent to $4.9 million from $4.6 million for the corresponding period in 2009. The increase was primarily attributable to increases in salary and benefit costs. For the nine months ended September 30, 2010, general and administrative expenses increased four percent to $15.5 million from $15.0 million for the corresponding period in 2009.
Net Loss Attributable to Lexicon Pharmaceuticals, Inc.: Net loss for the three months ended September 30, 2010 was $27.5 million, or $0.08 per share, compared to a net loss of $19.1 million, or $0.14 per share, in the corresponding period in 2009. Net loss for the nine months ended September 30, 2010 was $78.8 million, or $0.27 per share, compared to a net loss of $60.8 million, or $0.44 per share, for the corresponding period in 2009. For the three and nine months ended September 30, 2010, net loss included non-cash, stock-based compensation expense of $1.3 million and $4.0 million, respectively. For the three and nine months ended September 30, 2009, net loss included non-cash, stock-based compensation expense of $1.3 million and $4.1 million, respectively.
Cash and Investments: As of September 30, 2010, Lexicon had $231.0 million in cash and investments, as compared to cash and investments, net of its obligations under the credit line secured by its auction rate securities, of $255.8 million as of June 30, 2010 and $125.1 million as of December 31, 2009. On June 30, 2010, Lexicon exercised its rights to require UBS AG to purchase its remaining auction rate securities, and UBS purchased the auction rate securities at par value on July 1, 2010. |
