Lonnel Coats Retires as Chief Executive Officer and Board Member of Lexicon Pharmaceuticals
April 29 2024 - 9:00AM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced
that Lonnel Coats has provided notice of his retirement as chief
executive officer and as a member of its board of directors, in
each case effective July 7, 2024, his 10th anniversary with the
company. The board of directors has initiated a search for a new
chief executive officer which will consider both internal and
external candidates.
“During Mr. Coats’ tenure, Lexicon advanced two compounds
through clinical development and into market, multiple programs
into late-stage development and numerous compounds from discovery
into development”, said Ray Debbane, the chair of Lexicon’s board
of directors. “It is under his leadership that Lexicon transformed
from a scientific platform company into a fully integrated
biopharmaceutical business. Equally important, he has assembled a
tremendous management team that is well positioned to carry forward
his leadership and the company’s mission.”
“I am truly blessed to have had the opportunity to spend the
last decade leading this remarkable company,” said Mr. Coats. “I
have had the privilege to work with an outstanding board which has
been consistent in its support and dedication to the long view of
value creation for the company. Most importantly, it's been such an
honor to work with so many dedicated and talented team members at
every level of the company. They are the real heartbeat of Lexicon
and I am confident there will be “NO LET UP!”
“Lexicon has never been stronger,” Mr. Coats added. “We have a
talented commercial leadership team dedicated to accelerating
access and sales of INPEFA® over the next few quarters. We are
working to have an opportunity to leverage our commercial
infrastructure and talent to launch sotagliflozin for people with
type 1 diabetes and chronic kidney disease as early as the first
quarter of 2025. We expect that a Phase 3 study of sotagliflozin in
hypertrophic cardiomyopathy will be underway by mid-year, which if
successful could enable sotagliflozin to be in market for that
indication by late 2027. We expect to disclose topline data from
our PROGRESS Phase 2b study of LX9211 for diabetic peripheral
neuropathic pain by the second quarter of 2025. And our latest
clinical candidate, LX9851 for obesity and weight management, is
advancing toward IND-enabling studies. With our recent successful
capital raise and management’s commitment to responsible and
targeted capital allocation, focused execution, and openness to
partnership opportunities, I am confident Lexicon’s greatest days
are ahead.”
About Lexicon Pharmaceuticals
Lexicon is a biopharmaceutical company with a mission of
pioneering medicines that transform patients’ lives. Through the
Genome5000™ program, Lexicon’s unique genomics target discovery
platform, 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
treat disease safely and effectively. Lexicon has commercially
launched one of these medicines, INPEFA® (sotagliflozin) in
the United States, and has a pipeline of other promising drug
candidates in discovery and clinical and preclinical development in
neuropathic pain, diabetes and metabolism and other indications.
For additional information, please
visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking statements,”
including statements relating to Lexicon’s financial position and
long-term outlook on its business, 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 Lexicon’s ability to meet its capital
requirements, successfully commercialize INPEFA in heart failure on
the timeline and/or at the prices currently contemplated or at all,
conduct preclinical and clinical development and obtain necessary
regulatory approvals of sotagliflozin (in other indications),
LX9211, LX9851 and its other 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 annual
report on Form 10-K for the year ended December 31, 2023 and other
subsequent disclosure documents 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 Investor Inquiries:
Lisa DeFrancescoLexicon Pharmaceuticals,
Inc.lexinvest@lexpharma.com
For Media Inquiries:
Alina CocuzzaLexicon Pharmaceuticals,
Inc.acocuzza@lexpharma.com
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