Lexicon Pharmaceuticals Announces Strategic Repositioning to Drive Value and Growth of Commercial Portfolio
13 Agosto 2024 - 7:30AM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), today announced that,
following a strategic review of its commercial and pipeline
programs, it will refocus resources across the portfolio in support
of opportunities where the company believes it can have the
greatest impact on patients. As a result, the company will optimize
its promotional efforts for INPEFA® (sotagliflozin) in heart
failure and reallocate resources to effectively support the
potential commercial launch of ZYNQUISTA™ (sotagliflozin) for
improvement of glycemic control in adults with type 1 diabetes and
chronic kidney disease (CKD). These efforts are designed to create
efficiencies in the company's commercial efforts to promote
both INPEFA® and ZYNQUISTA™. The company expects these efforts to
result in cost savings of approximately $40 million for 2025 while
ensuring all R&D programs including the pivotal Phase 3 study
of sotagliflozin in hypertophic cardiomyopathy (HCM) and the
ongoing Phase 2b dose optimization study of LX9211 in diabetic
neuropathic pain are fully funded.
“Lexicon entered 2024 with a number of exciting
commercial and pipeline opportunities,” said Dr. Mike Exton, chief
executive officer and director. “Over the past few weeks, we have
been working on a plan to allocate resources across these
opportunities, build on the successes of our capable commercial
team and focus on where we have the potential to lead and succeed.
As a result, we have made the decision to right-size our
promotional efforts around INPEFA for heart failure and reallocate
resources to prepare for our potential launch of ZYNQUISTA™. We
strongly believe in the value INPEFA offers patients, and we will
continue to drive growth in heart failure with a targeted approach.
We remain committed to the cardiovascular community as we also
pursue an additional indication for sotagliflozin in HCM. This
renewed approach will allow us to drive value and growth for
Lexicon and focus on opportunities where we can have the most
impact for patients.”
In alignment with this reprioritization of
resources, the company is planning the following actions with the
objective of reducing operational expenses and ensuring the company
is right-sized for future opportunities:
- Reduction of headcount by more than
75, or approximately 50% of its current field force, by the end of
the third quarter of 2024.
- Targeted continuing promotion
for INPEFA in heart failure dedicated to growth and expanding
market access.
- Proper investment in the
potential launch of ZYNQUISTA™ for improvement of glycemic control
in adults with type 1 diabetes and CKD.
- Fully investing in our R&D
programs including the recently-initiated pivotal Phase 3 study of
sotagliflozin in HCM, the ongoing Phase 2b dose optimization study
of LX9211 in diabetic neuropathic pain with data expected in the
first half of 2025, and IND-enabling studies of LX9851 for obesity
and weight management.
About Lexicon Pharmaceuticals
Lexicon is a biopharmaceutical company with a mission of
pioneering medicines that transform patients’ lives. Through the
Genome5000™ program, Lexicon’s unique genomics target discovery
platform, Lexicon scientists studied the role and function of
nearly 5,000 genes and identified more than 100 protein targets
with significant therapeutic potential in a range of diseases.
Through the precise targeting of these proteins, Lexicon is
pioneering the discovery and development of innovative medicines to
treat disease safely and effectively. Lexicon has commercially
launched one of these medicines, INPEFA® (sotagliflozin) in the
United States, and has a pipeline of other promising drug
candidates in discovery and clinical and preclinical development in
neuropathic pain, diabetes and metabolism and other indications.
For additional information, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking
statements,” including statements relating to Lexicon’s financial
position and long-term outlook on its business, growth and future
operating results, discovery, development and commercialization of
products, strategic alliances and intellectual property, as well as
other matters that are not historical facts or information. All
forward-looking statements are based on management’s current
assumptions and expectations and involve risks, uncertainties and
other important factors, specifically including Lexicon’s ability
to meet its capital requirements, successfully commercialize its
approved products, conduct preclinical and clinical development and
obtain necessary regulatory approvals of sotagliflozin, LX9211,
LX9851 and its other drug candidates on its anticipated timelines,
achieve its operational objectives, obtain patent protection for
its discoveries and establish strategic alliances, as well as
additional factors relating to manufacturing, intellectual property
rights, and the therapeutic or commercial value of its drug
candidates. Any of these risks, uncertainties and other factors may
cause Lexicon’s actual results to be materially different from any
future results expressed or implied by such forward-looking
statements. Information identifying such important factors is
contained under “Risk Factors” in Lexicon’s annual report on Form
10-K for the year ended December 31, 2023, and other subsequent
disclosure documents filed with the Securities and Exchange
Commission. Lexicon undertakes no obligation to update or revise
any such forward-looking statements, whether as a result of new
information, future events or otherwise.
For Media and Investor
Inquiries:Lisa DeFrancescoLexicon Pharmaceuticals,
Inc.lexinvest@lexpharma.com
Lexicon Pharmaceuticals (NASDAQ:LXRX)
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