THE WOODLANDS, Texas,
March 19 /PRNewswire-FirstCall/ --
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced the
completion of its previously-announced public offering and
concurrent private placement of its common stock, resulting in net
proceeds to Lexicon of approximately $181.4
million after the exercise in full by the underwriters of
their over-allotment option and by Invus, L.P., Lexicon's largest
stockholder, of its associated right to purchase additional shares.
The public offering and concurrent private placement included
an aggregate of 161,770,206 shares of Lexicon's common stock.
Of this total, 96,521,739 shares were offered through the
underwriters and 65,248,467 shares were purchased by Invus and one
of its affiliates in the concurrent private placement.
The shares subject to the public offering were offered pursuant
to an effective shelf registration statement previously filed with
the Securities and Exchange Commission. Morgan Stanley &
Co. Incorporated and J.P. Morgan Securities Inc. acted as joint
book-runners for the public offering, with Cowen and Company, LLC
and Thomas Weisel Partners LLC acting as co-managers.
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. The
offering of the securities in the public offering was made only by
means of a final prospectus supplement and accompanying prospectus,
copies of which may be obtained from Morgan Stanley & Co.
Incorporated, Attn: Prospectus Department, 180 Varick Street,
2nd Floor, New York, New York
10014, telephone: (866) 718-1649, or by emailing
prospectus@morganstanley.com, or from J.P. Morgan Securities Inc.,
Attention: Broadridge Financial Solutions at 1155 Long Island
Avenue, Edgewood, New York 11717,
or by telephone at (866) 803-9204.
The issuer has filed a registration statement (including a base
prospectus) with the Securities and Exchange Commission, or SEC,
for an offering to which this communication relates. Before
you invest, you should read the prospectus in that registration
statement and related prospectus supplements and other documents
that the issuer has filed or will file with the SEC for more
complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, you may obtain a final
prospectus supplement and accompanying prospectus as indicated
above.
The shares sold to Invus and its affiliate in the private
placement have not been, and will not be, registered under the
Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold in the
United States absent registration or applicable exemption
from the registration requirement of such Act and applicable state
securities laws.
About Lexicon
Lexicon is a biopharmaceutical company focused on discovering
breakthrough treatments for human disease. Lexicon currently
has four drug candidates in mid-stage development for diabetes,
irritable bowel syndrome, carcinoid syndrome and rheumatoid
arthritis, all of which were discovered by the company's research
team.
Safe Harbor Statement
This press release contains "forward-looking" statements. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as "anticipated," "will," "proposed," and similar
expressions are intended to identify these forward-looking
statements. There are a number of important factors that
could cause Lexicon's results to differ materially from those
indicated by these forward-looking statements. Additional
risks and uncertainties relating to Lexicon and its business can be
found under the headings "Factors Affecting Forward-Looking
Statements" and "Risk Factors" in Lexicon's annual report on Form
10-K for the year ended December 31, 2009, as filed with the
Securities and Exchange Commission and under the heading "Risk
Factors" in the final prospectus supplement related to the public
offering filed with the Securities and Exchange Commission.
Unless required by applicable law, Lexicon undertakes no
obligation to update or revise any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Lexicon Pharmaceuticals, Inc.