THE WOODLANDS, Texas,
July 7, 2014 /PRNewswire/
-- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced
today that Lonnel Coats has been
appointed president and chief executive officer effective
July 7, 2014. Mr. Coats most
recently served as president and chief executive officer of Eisai
Inc., the United States subsidiary
of Eisai Co., Ltd.
Mr. Coats joins Lexicon after 18 years of senior management
experience with Eisai. As president and chief executive
officer at Eisai, he oversaw the commercialization of Eisai
products in the therapeutic areas of oncology, neurology, GI,
epilepsy and metabolic. Mr. Coats also oversaw the expansion
of Eisai's business across the Americas, inclusive of gaining
market approval in Canada for
Halaven, Banzel and Gliadel. Previously, as president and
chief operating officer, Mr. Coats led the diversification of
Eisai's business through over $5
billion in strategic acquisitions, licensing and
partnerships, which included the acquisition of MGI Pharma in 2008
and the licensing of Belviq in 2011.
"In our search for the next leader of Lexicon, we sought a
seasoned and dynamic executive with an exceptional understanding of
bringing drugs to the market," said Raymond
Debbane, Lexicon's chairman of the board. "Lonnel brings the
ideal blend of operational intelligence, business development
acumen and proven leadership, along with a breadth of expertise in
sales and marketing to guide Lexicon as we prepare for
commercialization."
"Upon my retirement from Eisai, I had the privilege to be
presented with many new opportunities to continue contributing to
our great industry," said Lonnel
Coats. "By far, Lexicon is the most exciting and
promising opportunity I reviewed. Lexicon is on the cusp of
becoming a major contributor to improving the lives of patients
living with type 1 and 2 diabetes, with carcinoid syndrome and with
many other conditions. We have much work to do before we achieve
all of our goals, but I am enthusiastic and energized at our
prospects. I am honored to have the trust of the board of directors
and management to lead Lexicon through the next phase of its
evolution."
Mr. Coats originally joined Eisai as a regional sales director
in 1996 when the company was first establishing its sales force in
the United States in preparation
for the launch of Aricept. In 2001, he became vice president
of human resources, and in 2003, he was appointed vice president of
U.S. sales and marketing, before serving as president and chief
operating officer from 2004 to 2010 and as president and chief
executive officer since 2010. Mr. Coats holds a B.S. in
public administration from Oakland
University in Michigan.
About Lexicon
Lexicon is a biopharmaceutical company focused on developing
breakthrough treatments for human disease. Lexicon currently
has drug programs in clinical development for diabetes, carcinoid
syndrome, and other indications, all of which were discovered by
Lexicon's research team. Lexicon has used its proprietary
gene knockout technology to identify more than 100 promising drug
targets. For additional information about Lexicon and its
programs, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains "forward-looking statements,"
including 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 meet its capital requirements, successfully
conduct preclinical and clinical development of its 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 "Risk Factors" in
Lexicon's annual report on Form 10-K for the year ended
December 31, 2013, 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.
SOURCE Lexicon Pharmaceuticals, Inc.