Lexicon Announces Full Exercise and Closing of Options to Purchase Additional Shares in Connection with Previously Announced Public Offering and Concurrent Private Placement
August 05 2022 - 4:59PM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX)
(“
Lexicon”) today announced the issuance and sale
of an additional 2,526,540 shares of its common stock, par value
$0.001 (the “
Common Stock”), pursuant to the full
exercise of the underwriters’ option to purchase additional shares
in connection with Lexicon’s previously announced public offering
of Common Stock. After giving effect to the full exercise of the
underwriters’ option to purchase additional shares, the total
number of shares of Common Stock sold in the public offering was
19,370,140, and total gross proceeds from the public offering were
approximately $48.4 million, before deducting underwriting
discounts and commissions and other offering expenses.
Two affiliates of Invus, L.P., Lexicon’s largest
shareholder, have also exercised in full their options to purchase
an additional 2,573,460 shares of Common Stock in the aggregate in
connection with Lexicon’s previously announced concurrent private
placement. After giving effect to the full exercises of the
purchasers’ options to purchase additional shares, the total number
of shares of Common Stock sold in the concurrent private placement
was 19,729,860, and total gross proceeds from the concurrent
private placement were approximately $49.3 million.
Lexicon currently intends to use the net
proceeds from the public offering and the concurrent private
placement, together with its existing cash and cash equivalents and
short-term investments, for (i) funding pre-commercial and
commercial launch activities for sotagliflozin in heart failure;
(ii) funding continued development of sotagliflozin in heart
failure and LX9211 in neuropathic pain; and (iii) working capital
and other general corporate purposes.
Citigroup and Piper Sandler acted as joint
book-running managers for the public offering.
A shelf registration statement on Form S-3
relating to the underwritten public offering was filed with the
U.S. Securities and Exchange Commission (“SEC”) on
August 6, 2021 and declared effective by the SEC on September 14,
2021. The shares of Common Stock issued in the concurrent private
placement have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), or the
securities laws of any state or other jurisdiction in the
United States, and may not be offered, pledged, sold, delivered or
otherwise transferred, directly or indirectly, in the United
States except pursuant to registration under the Securities
Act, or an applicable exemption from the registration requirements
of the Securities Act and, in each case, in compliance with other
applicable securities laws. A final prospectus supplement and
accompanying prospectus relating to the public offering have been
filed with the SEC and are available on the SEC’s website at
www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus may also be obtained from Citigroup Global
Markets Inc., c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146, or
by email at prospectus@citi.com; or Piper Sandler & Co., 800
Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, Attn:
Prospectus Department, by telephone at 1-800-747-3924, or by email
at prospectus@psc.com.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, these securities,
nor will there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Lexicon
Pharmaceuticals
Lexicon is a biopharmaceutical company with a
mission of pioneering medicines that transform patients’ lives.
Through its Genome5000™ program, 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 safely and effectively treat disease. Lexicon advanced
one of these medicines to market and has a pipeline of promising
drug candidates in discovery and clinical and preclinical
development in heart failure, neuropathic pain, diabetes and
metabolism and other indications.
Safe Harbor Statement
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements, including, without
limitation, statements about the use of the net proceeds from the
public offering and the concurrent private placement, are based on
management’s current assumptions and expectations and involve
risks, uncertainties and other important factors, including
Lexicon’s ability to meet its capital requirements, successfully
conduct preclinical and clinical development and obtain necessary
regulatory approvals of sotagliflozin, LX9211 and its other
potential drug candidates on its anticipated timelines,
successfully commercialize any products for which it obtains
regulatory approval, 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 filings with
the SEC, including its annual report on Form 10-K for the year
ended December 31, 2021, quarterly reports on Form 10-Q for the
quarters ended March 31, 2022 and June 30, 2022 and other
subsequent disclosure documents filed with the SEC. 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 Inquiries:
Mike KellyLexicon
Pharmaceuticalsmkelly@lexpharma.com
Lexicon Pharmaceuticals (NASDAQ:LXRX)
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