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Lexicon Pharmaceuticals Provides Clinical Pipeline Update And Reports 2012 Fourth Quarter And Full Year Financial Results
Date:2/21/2013

ty and efficacy of LX1033 in approximately 360 IBS-d patients. Lexicon also received Fast Track status from the FDA for the development of LX1033 in IBS-d.
  • Other Programs: Lexicon obtained results from Phase 1 studies of  LX2931, an inhibitor of sphingosine-1-phosphate lyase, in patients with rheumatoid arthritis, and LX7101, an inhibitor of LIM domain kinase 2 (LIMK2), in patients with glaucoma.  Both compounds were well-tolerated and showed signals of clinical benefit in the respective studies.
  • Financial ResultsRevenues:  Lexicon's revenues for the three months ended December 31, 2012 decreased 36 percent to $0.2 million from $0.3 million for the corresponding period in 2011. For the year ended December 31, 2012, revenues decreased 41 percent to $1.1 million from $1.8 million for the corresponding period in 2011.

    Research and Development Expenses:  Research and development expenses for the three months ended December 31, 2012 decreased 25 percent to $21.0 million from $28.1 million for the corresponding period in 2011, primarily due to a decrease in external manufacturing, clinical research and development costs. For the year ended December 31, 2012, research and development expenses decreased 10 percent to $82.6 million from $91.8 million for the corresponding period in 2011.

    Increase (Decrease) in Fair Value of Symphony Icon Purchase Liability:  In connection with the acquisition of Symphony Icon, Lexicon made an initial estimate of the fair value of the liability for the associated base and contingent payments. Changes in this liability, based on the development of the programs and the time until such payments are expected to be made, are recorded in Lexicon's consolidated statements of operations. For the three months ended December 31, 2012, the fair value of the Symphony Icon purchase liability decreased by $0.2 million, compared to an increase of $1.6 million in the corresponding period in 2011. For
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    SOURCE Lexicon Pharmaceuticals, Inc.
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