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Lexicon Announces Commencement of Rights Offering to Stockholders
Date:11/22/2011

THE WOODLANDS, Texas, Nov. 22, 2011 /PRNewswire/ -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced today that it has commenced its previously announced rights offering pursuant to an effective registration statement and today began mailing a prospectus and other rights offering materials to its stockholders.

In the rights offering, stockholders will receive one non-transferable subscription right for every share of common stock owned as of November 21, 2011, which was the record date for the rights offering.  Each subscription right will entitle stockholders to purchase 0.427175 shares of common stock at a subscription price of $1.13 per share.  For example, a stockholder who owns 1,000 shares of common stock on the record date will be granted 1,000 subscription rights entitling the stockholder to purchase 427 shares of common stock (427.175 rounded down to the nearest whole share number) for an aggregate purchase price of $482.51.  Stockholders who exercise their basic subscription privilege in full may also exercise an over-subscription privilege to purchase additional shares that remain unsubscribed at the expiration of the rights offering, subject to availability and proration.  Lexicon is offering an aggregate of 144,247,542 shares of common stock in the rights offering and, if fully subscribed, aggregate gross proceeds to Lexicon will be approximately $163 million.

The subscription rights will be exercisable until 5:00 p.m., New York time, on December 22, 2011.  Lexicon may extend the rights offering period or cancel the rights offering at any time for any reason, with the consent of two of its largest stockholders, Invus, L.P. and Invus C.V.

Lexicon is conducting the rights offering at the election of Invus, L.P. and Invus C.V. pursuant to their contractual rights to require Lexicon
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SOURCE Lexicon Pharmaceuticals, Inc.
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