Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) Announces Its Shift Towards Late-stage Drug Development


Dallas, Texas 03/21/2014 (FINANCIALSTRENDS) –  Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) earlier this year announced it will now focus on late-stage drug development programs, primarily LX4211 for diabetes and telotristat etiprate (LX1032) for carcinoid syndrome, and preparation for the transition to commercialization. The company is planning to shift its focus to completion of late-stage development and preparation for commercial operations from drug discovery. With its strategy change and focus on late-stage drug development programs, the company plans to cut down its staff size by 45% of the current employees, mainly th staff from research, discovery and support positions. With the reduction in staff, the company expects to cut down its expenses by approximately $14 million, net of severance and other cost during 2014.

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) Reports Increase in Fourth Quarter Revenue

Lexicon Pharmaceuticals, Inc. a biopharmaceutical company with market cap of 903.80M reported it earning data. It reported an increase in 4Q2013 revenue totaling $1.4 million compared to $2.2 million reported for the same period last year. The research and development costs for the quarter was reported as $20.3 million a decrease of 3% compared to previous year for the same period reported as $21.0 million. For the full year 2103, the R&D expense was $89.7 million. It also reported $17.4 million, or $0.03 per share as the net loss for the quarter compared to net loss of $24.9 million, or $0.05 per share, in the corresponding period in 2012. For the full year 2013, it reported net loss of $104.1 million compared to a net loss of $110.2 million during 2012. The cash and investments on hand reported was $129.1 million as of December, 31, 2013 compared to $223.2 million as of December 31, 2012. The total assets reported decreased during 2013 reported at $274,160 compared to 371,778 reported previous year.

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