Lexicon Pharmaceuticals Reports 2007 First Quarter Financial Results
May 01 2007 - 7:30AM
PR Newswire (US)
Conference Call and Webcast at 11:00 a.m. Eastern Time THE
WOODLANDS, Texas, May 1 /PRNewswire-FirstCall/ -- Lexicon
Pharmaceuticals, Inc. (NASDAQ:LXRX), formerly Lexicon Genetics
Incorporated, a biopharmaceutical company focused on discovering
and developing breakthrough treatments for human disease, today
reported financial results for the three months ended March 31,
2007. "We had a highly productive first quarter for our two lead
development programs," said Arthur T. Sands, M.D., Ph.D., Lexicon's
president and chief executive officer. "We advanced LX6171 for
cognitive disorders from Phase 1a testing into a Phase 1b trial,
and began clinical testing of LX1031 for IBS in the first quarter.
We are on track to file two additional INDs for our programs this
year." Revenues: Lexicon's revenues for the three months ended
March 31, 2007 decreased 36 percent to $13.5 million from $21.0
million for the corresponding period in 2006. The decrease was
primarily attributable to a $5.0 million performance milestone
under the hypertension drug discovery alliance with Takeda
Pharmaceutical Company Limited that was recognized in the first
quarter of 2006, as well as the completion of revenue recognition
for the upfront payment received under Lexicon's alliance with
Bristol-Myers Squibb Company. Research and Development Expenses:
Research and development expenses for the three months ended March
31, 2007 increased two percent to $27.3 million from $26.7 million
for the corresponding period in 2006. The increase was primarily
due to external clinical costs related to the advancement of
Lexicon's drug development programs. General and Administrative
Expenses: General and administrative expenses for the three months
ended March 31, 2007 remained level at $5.3 million consistent with
the corresponding period in 2006. Net Loss: Net loss for the three
months ended March 31, 2007 was $18.9 million, or $0.24 per share,
compared to net loss of $10.8 million, or $0.17 per share, in the
corresponding period in 2006. Net loss included non- cash,
stock-based compensation expense of $1.6 million for the three
months ended March 31, 2007 and $1.8 million for the corresponding
period in 2006. Cash and Investments: As of March 31, 2007, Lexicon
had $59.5 million in cash and investments, including restricted
cash and investments, as compared to $80.0 million as of December
31, 2006. Recent Events * Lexicon unveiled the change of its
corporate name to Lexicon Pharmaceuticals, Inc. and announced the
launch of its 10TO10 Program, an ongoing company initiative with
the goal of advancing ten drug candidates into human clinical
trials by the end of 2010. * Lexicon initiated a Phase 1a clinical
trial of LX1031, an investigational new drug being developed for
the treatment of irritable bowel syndrome, in January 2007. LX1031,
an orally- delivered modulator of peripheral serotonin levels, is
Lexicon's second proprietary product candidate to enter the clinic.
Subsequently, this trial was concluded and LX1031 advanced into
Phase 1b testing. Lexicon expects data from this trial in the third
quarter of 2007. * Lexicon advanced LX6171, an investigational new
drug being developed for the treatment of cognitive disorders, into
Phase 1b clinical trials in January 2007. A previous Phase 1a trial
showed LX6171 to be well tolerated at all dose levels studied. Data
from this Phase 1b trial are anticipated in early summer of 2007. *
Two additions were made to Lexicon's corporate leadership in the
first quarter. Kathleen Wiltsey, formerly of Amgen, Inc., was
elected to the company's board of directors, and Tamar Howson,
formerly of Bristol-Myers Squibb Company, was appointed executive
vice president of business development. Lexicon Conference Call:
Lexicon management will hold a conference call to discuss the
company's results and provide financial guidance for the second
quarter of 2007 at 11:00 a.m. Eastern Time on May 1, 2007. The
dial-in number for the conference call is 800-311-6662 (within the
United States) or 719-457-2696 (international). The pass code for
all callers is 1739240. Investors can access
http://www.lexpharma.com/ to listen to a live webcast of the call.
The webcast will be archived and available for review through May
4, 2007. About Lexicon Lexicon is a biopharmaceutical company
focused on the discovery and development of 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
including Bristol-Myers Squibb Company, Genentech, Inc., N.V.
Organon and Takeda Pharmaceutical Company Limited. For additional
information about Lexicon and its programs, please visit
http://www.lexpharma.com/ . Safe Harbor Statement This press
release contains "forward-looking statements," including statements
relating to Lexicon's plans regarding regulatory filings and
clinical development programs for LX6171 and LX1031 and the
potential therapeutic and commercial potential of LX6171 and LX1031
and other potential drug candidates in Lexicon's preclinical
pipeline. This press release also contains forward-looking
statements relating to Lexicon's growth and future operating
results, discovery and development 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 those relating to Lexicon's ability to
successfully conduct clinical development of LX6171 and LX1031 and
preclinical development of other potential drug candidates, advance
additional candidates into preclinical and clinical development,
obtain necessary regulatory approvals, 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, that 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 "Factors Affecting Forward-Looking Statements" and
"Risk Factors" in Lexicon's annual report on Form 10-K for the year
ended December 31, 2006, as 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. Lexicon Pharmaceuticals,
Inc. Selected Financial Data Consolidated Statements of Operations
Data Three Months Ended March 31, (In thousands, except per share
data) 2007 2006 (unaudited) Revenues: Collaborative research
$12,271 $19,306 Subscription and license fees 1,224 1,649 Total
revenues 13,495 20,955 Operating expenses: Research and
development, including stock-based compensation of $991 and $1,149,
respectively 27,290 26,672 General and administrative, including
stock-based compensation of $568 and $692, respectively 5,300 5,303
Total operating expenses 32,590 31,975 Loss from operations
(19,095) (11,020) Interest income 880 1,003 Interest expense (688)
(807) Other income, net (12) (7) Net loss $(18,915) $(10,831) Net
loss per common share, basic and diluted $(0.24) $(0.17) Shares
used in computing net loss per common share 77,938 64,566
Consolidated Balance Sheet Data As of As of March 31, December 31,
(In thousands) 2007 2006 (unaudited) Cash and investments,
including restricted cash and investments of $430 $59,518 $79,999
Property and equipment, net 76,041 78,192 Goodwill 25,798 25,798
Total assets 167,368 190,266 Deferred revenue 54,500 58,000 Current
and long-term debt 31,982 32,188 Accumulated deficit (370,656)
(351,741) Total stockholders' equity 69,004 85,501 DATASOURCE:
Lexicon Pharmaceuticals, Inc. CONTACT: Bobbie Faulkner, Investor
Relations of Lexicon Pharmaceuticals, Inc., +1-281-863-3503, or Web
site: http://www.lexpharma.com/
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