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Lexicon Pharmaceuticals Provides Clinical Pipeline Update and Reports 2009 Second Quarter Financial Results
Date:7/28/2009

ny's pharmaceutical partnering and licensing efforts. Mr. Bansal has more than 20 years of experience in the biotechnology and pharmaceutical industry in corporate finance, corporate and business development, strategic planning, and commercial operations.

Financial Results

Revenues: Lexicon's revenues for the three months ended June 30, 2009 decreased 69 percent to $3.0 million from $9.6 million for the corresponding period in 2008. The decrease for the three months ended June 30, 2009 was primarily attributable to lower revenue recognized under Lexicon's alliance agreements with Bristol-Myers Squibb, N.V. Organon and Genentech, Inc. For the six months ended June 30, 2009, revenues decreased 61 percent to $7.2 million from $18.5 million for the corresponding period in 2008.

Research and Development Expenses: Research and development expenses for the three months ended June 30, 2009 decreased 33 percent to $20.2 million from $30.1 million for the corresponding period in 2008. The decrease was primarily attributable to lower salary and benefit costs, due to reductions in personnel offset in part by associated severance costs, as well as lower external preclinical research and development costs. For the six months ended June 30, 2009, research and development expenses decreased 25 percent to $43.1 million from $57.5 million for the corresponding period in 2008.

General and Administrative Expenses: General and administrative expenses for the three months ended June 30, 2009 decreased six percent to $5.6 million from $5.9 million for the corresponding period in 2008. The decrease was primarily attributable to lower salary and benefit costs. For the six months ended June 30, 2009, general and administrative expenses decreased 11 percent to $10.4 million from $11.8 million for the corresponding period in 2008.

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SOURCE Lexicon Pharmaceuticals, Inc.
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