Lexicon Announces Offering of Common Stock
December 11 2020 - 8:01AM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that
it had entered into a securities purchase agreement with certain
institutional investors providing for the purchase and sale, in a
registered direct offering, of 20,312,500 shares of its common
stock, par value $0.001 (the “Common Stock”), at a price of $3.20
per share, for aggregate gross proceeds to the Company of
$65,000,000 before deducting fees to the placement agent and other
estimated offering expenses payable by the Company. The transaction
is expected to close on December 16, 2020, subject to satisfaction
of customary closing conditions.
The investors in the registered direct offering
were Artal International S.C.A., an affiliate of Invus, L.P., and
BVF Partners L.P. and certain affiliates of BVF Partners L.P.
Citigroup Global Markets Inc. is acting as
placement agent for the offering on a “reasonable best efforts”
basis.
The Common Stock described above is being
offered by the Company pursuant to a “shelf” registration statement
on Form S-3, which was originally filed with the Securities and
Exchange Commission (the “SEC”) on November 7, 2019, and was
declared effective on November 18, 2019 (File No. 333-234568). A
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available for free
on the SEC’s website at http://www.sec.gov or may be obtained from:
Citigroup Global Markets Inc., c/o Broadridge Financial Services,
1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
1-800-831-9146.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Lexicon
Pharmaceuticals
Lexicon is a biopharmaceutical company with a
mission of pioneering medicines that transform patients’ lives.
Through its Genome5000™ program, Lexicon scientists studied the
role and function of nearly 5,000 genes and identified more than
100 protein targets with significant therapeutic potential in a
range of diseases. Through the precise targeting of these proteins,
Lexicon is pioneering the discovery and development of innovative
medicines to safely and effectively treat disease. Lexicon advanced
one of these medicines to market and has a pipeline of promising
drug candidates in discovery and clinical and preclinical
development in neuropathic pain, heart failure, diabetes and
metabolism and other indications.
Safe Harbor Statement
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All forward-looking statements, including,
without limitation, statements about the completion and timing of
the offering, are based on management’s current assumptions and
expectations and involve risks, uncertainties and other important
factors, including Lexicon’s ability to meet its capital
requirements, successfully conduct preclinical and clinical
development and obtain necessary regulatory approvals of LX9211,
sotagliflozin and its other potential drug candidates on its
anticipated timelines, 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. Any of these risks, uncertainties and
other factors 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 filings with
the Securities and Exchange Commission, including its annual report
on Form 10-K for the year ended December 31, 2019 and under the
heading “Risk Factors” in the final prospectus supplement related
to the proposed public offering of common stock to be 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.
For Inquiries:
Chas SchultzExecutive Director, Corporate
Communications and Investor RelationsLexicon Pharmaceuticals(281)
863-3421cschultz@lexpharma.com
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