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Lexicon Pharmaceuticals Provides Clinical Pipeline Update And Reports 2013 Second Quarter Financial Results
Date:7/30/2013

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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, 201
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SOURCE Lexicon Pharmaceuticals, Inc.
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