THE WOODLANDS, Texas, July 30, 2013 /PRNewswire/ -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), a biopharmaceutical company focused on discovering and developing breakthrough treatments for human disease, today updated its drug development progress and reported financial results for the three and six months ended June 30, 2013.
"We have continued to advance multiple programs in our clinical pipeline, most notably completing enrollment of Phase 2 studies of telotristat etiprate in ulcerative colitis and LX1033 in diarrhea-predominant irritable bowel syndrome. We look forward to obtaining top-line results from these studies around the end of the third quarter and in the fourth quarter of 2013, respectively," said Dr. Arthur T. Sands, president and chief executive officer of Lexicon. "In addition, we obtained initial safety data from the pioneer portion of our Phase 2 trial of LX4211 in Type 1 diabetes and subsequently advanced the study into its expansion phase."Progress in Clinical Pipeline
Financial ResultsRevenues: Lexicon's revenues for the three months ended June 30, 2013 were $0.2 million, consistent with the corresponding period in 2012. For the six months ended June 30, 2013, revenues increased to $0.6 million from $0.5 million for the corresponding period in 2012.
Research and Development Expenses: Research and development expenses for the three months ended June 30, 2013 increased 22 percent to $23.7 million from $19.4 million for the corresponding period in 2012. The increase was primarily attributable to increases in external clinical and preclinical research and development and personnel costs, partially offset by decreases in facility costs. For the six months ended June 30, 2013, research and development expenses increased four percent to $44.0 million from $42.4 million for the corresponding period in 2012.
Increase 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. The increase in fair value of the Symphony Icon purchase liability was $0.5 million and $2.2 million for the three months ended June 30, 2013 and 2012, respectively, and was $1.7 million and $4.2 million for the six months ended June 30, 2013 and 2012, respectively.
General and Administrative Expenses: General and administrative expenses for the three months ended June 30, 2013 increased 12 percent to $4.7 million from $4.2 million for the corresponding period in 2012. The increase was primarily attributable to increases in personnel costs and legal and patent fees. For the six months ended June 30, 2013, general and administrative expenses increased three percent to $9.0 million from $8.7 million for the corresponding period in 2012.
Consolidated Net Loss: Net loss for the three months ended June 30, 2013 was $29.1 million, or $0.06 per share, compared to a net loss of $25.9 million, or $0.05 per share, in the corresponding period in 2012. Net loss for the six months ended June 30, 2013 was $55.1 million, or $0.11 per share, compared to a net loss of $55.8 million, or $0.12 per share, for the corresponding period in 2012. For the three and six months ended June 30, 2013, net loss included non-cash, stock-based compensation expense of $1.9 million and $4.0 million, respectively. For the three and six months ended June 30, 2012, net loss included non-cash, stock-based compensation expense of $1.6 million and $3.3 million, respectively.
Cash and Investments: As of June 30, 2013, Lexicon had $175.4 million in cash and investments, as compared to $197.2 million as of March 31, 2013 and $223.2 million as of December 31, 2012.
Lexicon Conference CallLexicon management will hold a conference call to discuss its clinical development progress and financial results for the second quarter of 2013 at 11:00 a.m. Eastern Time on July 30, 2013. The dial-in number for the conference call is 888-645-5785 (within the US/Canada) or 970-300-1531 (international). The conference ID for all callers is 22881223. Investors can access a live webcast of the call at www.lexpharma.com. An archived version of the webcast will be available on the website through August 30, 2013.
About LexiconLexicon is a biopharmaceutical company focused on discovering breakthrough treatments for human disease. Lexicon currently has multiple drug programs in clinical development for diabetes, irritable bowel syndrome, carcinoid syndrome and other indications, all of which were discovered by Lexicon's research team. Lexicon has used its proprietary gene knockout technology to identify more than 100 promising drug targets. Lexicon has focused drug discovery efforts on these biologically-validated targets to create its extensive pipeline of clinical and preclinical programs. For additional information about Lexicon and its programs, please visit www.lexpharma.com.
Safe Harbor StatementThis press release contains "forward-looking statements", including statements relating to Lexicon's clinical development of LX4211, telotristat etiprate (LX1032), LX1033 and LX2761, including characterizations of the results of and projected timing of clinical trials of such compounds, and the potential therapeutic and commercial potential of LX4211, telotristat etiprate (LX1032), LX1033 and LX2761. In addition, this press release also contains forward-looking statements relating to Lexicon's 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 those relating to Lexicon's ability to successfully conduct clinical development of LX4211, telotristat etiprate (LX1032), LX1033 and LX2761 and preclinical and clinical development of its other potential drug candidates, advance additional candidates into preclinical and clinical development, obtain necessary regulatory approvals, 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, that 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, 2012, as 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.
Lexicon Pharmaceuticals, Inc.
Selected Financial DataConsolidated Statements of Operations DataThree Months EndedJune 30,Six Months EndedJune 30,(In thousands, except per share data)2013201220132012(unaudited)(unaudited)Revenues:Collaborative research$
351Subscription and license fees3-79148Total revenues214199574499Operating expenses:Research and development, including stock-based compensation of $1,022, $915, $2,352 and $1,952, respectively23,69219,35544,01942,392Increase in fair value of Symphony Icon, Inc. purchase liability4772,1621,7414,243General and administrative, including stock-based compensation of $847, $680, $1,626 and $1,361, respectively4,6694,1628,9938,727Total operating expenses28,83825,67954,75355,362Loss from operations(28,624)(25,480)(54,179)(54,863)Interest income445897114Interest expense(496)(530)(1,002)(1,067)Other income (expense), net(4)213017Consolidated net loss$
(55,799)Consolidated net loss per common share, basic and diluted$ (0.06)$ (0.05)$ (0.11)$ (0.12)Shares used in computing net loss attributable to Lexicon Pharmaceuticals, Inc. per common share, basic and diluted513,083480,634512,757480,479 Consolidated Balance Sheet DataAs of June 30,As of December 31,(In thousands)20132012(unaudited)Cash and investments
223,208Property and equipment, net
44,54344,543Other intangible assets
14,02814,038Current and long-term debt
22,67823,451Other long-term liabilities
(954,886)(899,832)Total stockholders' equity
|SOURCE Lexicon Pharmaceuticals, Inc.|
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