FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Tessmer James F 		2. Issuer Name and Ticker or Trading Symbol

LEXICON PHARMACEUTICALS, INC. [ LXRX ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
VP, Finance & Accounting
(Last)          (First)          (Middle)

8800 TECHNOLOGY FOREST PLACE 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/11/2016
(Street)

THE WOODLANDS, TX 77381
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                  11744   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $8.20   2/11/2016     A      19360         (1) 2/11/2026   Common Stock   19360   $0   19360   D    
Restricted Stock Units (Phantom Stock)     (2) 2/11/2016     A      8300         (3)   (3) Common Stock   8300   $0   8300   D    
Stock Option (Right to Buy)   $12.67                      (4) 2/23/2021   Common Stock   10000     10000   D    
Stock Option (Right to Buy)   $12.60                      (5) 2/15/2022   Common Stock   8714     8714   D    
Restricted Stock Units (Phantom Stock)     (2)                    (6)   (6) Common Stock   964     964   D    
Stock Option (Right to Buy)   $14.63                      (7) 2/8/2023   Common Stock   7999     7999   D    
Restricted Stock Units (Phantom Stock)     (2)                    (8)   (8) Common Stock   1714     1714   D    
Stock Option (Right to Buy)   $12.04                      (9) 2/6/2024   Common Stock   12499     12499   D    
Restricted Stock Units (Phantom Stock)     (2)                    (10)   (10) Common Stock   4017     4017   D    
Stock Option (Right to Buy)   $6.23                      (11) 2/5/2025   Common Stock   24899     24899   D    
Restricted Stock Units (Phantom Stock)     (2)                    (12)   (12) Common Stock   10671     10671   D    
Stock Option (Right to Buy)   $27.58                      (13) 2/13/2017   Common Stock   1428     1428   D    
Stock Option (Right to Buy)   $24.92                      (14) 10/23/2017   Common Stock   3571     3571   D    
Stock Option (Right to Buy)   $14.49                      (15) 2/7/2018   Common Stock   5714     5714   D    
Stock Option (Right to Buy)   $10.15                      (16) 2/12/2019   Common Stock   21428     21428   D    
Stock Option (Right to Buy)   $13.30                      (17) 2/15/2020   Common Stock   14284     14284   D    

Explanation of Responses:
( 1)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/11/2017) and vests 1/48th per month for each month of service thereafter.
( 2)  Each restricted stock unit represents a contingent right to receive one share of common stock.
( 3)  Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2017 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.
( 4)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/23/2012) and vests 1/48th per month for each month of service thereafter.
( 5)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/15/2013) and vests 1/48th per month for each month of service thereafter.
( 6)  Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2013 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.
( 7)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/8/2014) and vests 1/48th per month for each month of service thereafter
( 8)  Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2014 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.
( 9)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/6/15) and vests 1/48th per month for each month of service thereafter.
( 10)  Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2015 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.
( 11)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/5/16) and vests 1/48th per month for each month of service thereafter.
( 12)  Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2016 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.
( 13)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/13/2008) and vests 1/48th per month for each month of service thereafter.
( 14)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (10/23/2008) and vests 1/48th per month for each month of service thereafter.
( 15)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/7/2009) and vests 1/48th per month for each month of service thereafter.
( 16)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/12/2010) and vests 1/48th per month for each month of service thereafter.
( 17)  Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/15/2011) and vests 1/48th per month for each month of service thereafter.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Tessmer James F
8800 TECHNOLOGY FOREST PLACE
THE WOODLANDS, TX 77381

VP, Finance & Accounting

Signatures
/s/ James F. Tessmer 2/16/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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