THE WOODLANDS, Texas,
April 15, 2015 /PRNewswire/
-- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), a
biopharmaceutical company focused on developing breakthrough
treatments for human disease, today announced that the company and
Bristol-Myers Squibb have selected a development candidate for
neuropathic pain as part of their neuroscience drug discovery and
development alliance. Lexicon and Bristol-Myers Squibb are
proceeding with plans to progress the development candidate through
IND-enabling studies in preparation for the commencement of
clinical trials. Bristol-Myers Squibb has the first option
under the alliance to obtain exclusive clinical development and
commercialization rights upon the initiation of Phase 1 clinical
studies, subject to the payment of milestones and royalties to
Lexicon.
"The selection of this very promising drug candidate for
neuropathic pain marks the culmination of a long-standing and
highly-productive collaborative effort between Lexicon and
Bristol-Myers Squibb," said Lonnel Coats, Lexicon's president and
chief executive officer. "We look forward to bringing
innovation from this novel mechanism to patients in an area of high
unmet need."
About the Lexicon Pharmaceuticals-Bristol-Myers Squibb
Neuroscience Alliance
Lexicon and Bristol-Myers Squibb established a drug discovery
alliance in December 2003 to
discover, develop and commercialize small molecule drugs in the
neuroscience field. Lexicon initiated the alliance with a
number of neuroscience drug discovery programs at various stages of
development and used its gene knockout technologies to identify
additional drug targets with promise in the neuroscience
field. For those targets that were selected for the alliance,
Lexicon and Bristol-Myers Squibb are working together, on an
exclusive basis, to identify, characterize and carry out the
nonclinical development of small molecule drugs, and share equally
both in the costs and in the work attributable to those
efforts. As drugs resulting from the alliance enter clinical
trials, Bristol-Myers Squibb will have the first option to assume
full responsibility for clinical development and
commercialization. Lexicon received $86 million in upfront payments and research
funding under the agreement during the target discovery portion of
the alliance, which expired in October 2009. In addition,
Lexicon is entitled to receive clinical and regulatory milestone
payments ranging, depending on the timing and extent of its efforts
in the alliance, up to $76 million
for each drug developed by Bristol-Myers Squibb under the
alliance. Lexicon will also earn royalties on sales of drugs
commercialized by Bristol-Myers Squibb under the alliance.
About Lexicon
Lexicon is a biopharmaceutical company focused on developing
breakthrough treatments for human disease. Lexicon has
clinical-stage drug programs 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 drug candidates, 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, 2014, 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.
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SOURCE Lexicon Pharmaceuticals, Inc.