Conference Call and Webcast at 11:00 a.m. Eastern Time
THE WOODLANDS, Texas, April 28 /PRNewswire-FirstCall/ -- 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 months ended March 31, 2009.
"Our pipeline of novel drug candidates continues to advance in line with our expectations," said Dr. Arthur T. Sands, president and chief executive officer of Lexicon. "During the quarter, we also restructured our operations to conserve capital and concentrate our resources on advancing the most promising programs in our pipeline."
Revenues: Lexicon's revenues for the three months ended March 31, 2009 decreased 53 percent to $4.2 million from $8.9 million for the corresponding period in 2008. The decrease for the three months ended March 31, 2009 was primarily attributable to reduced revenues under Lexicon's alliance agreements with Bristol-Myers Squibb, N.V. Organon and Genentech, Inc.
Research and Development Expenses: Research and development expenses for the three months ended March 31, 2009 decreased 17 percent to $23.0 million from $27.8 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 research expenses.
General and Administrative Expenses: General and administrative expenses for the three months ended March 31, 2009 decreased 14 percent to $4.8 million from $5.5 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.
Net Loss Attributable to Lexicon Pharmaceuticals, Inc.: Net loss for the three months ended March 31, 2009 was $21.6 million, or $0.16 per share, compared to a net loss of $18.0 million, or $0.13 per share, in the corresponding period in 2008. For the three months ended March 31, 2009, net loss included non-cash, stock-based compensation expense of $1.4 million, compared to $1.8 million in the corresponding period in 2008.
Cash and Investments: As of March 31, 2009, Lexicon had $145.5 million in cash and investments, including $11.8 million in cash and investments held by Symphony Icon, as compared to $158.8 million as of December 31, 2008.
Lexicon Conference Call:
Lexicon management will hold a conference call to discuss its clinical development progress and financial results for the first quarter of 2009 at 11:00 a.m. Eastern Time on April 28, 2009. The dial-in number for the conference call is 888-220-1244 (within the US/Canada) or 706-679-5615 (international). The conference ID for all callers is 95206081. Investors can access www.lexpharma.com to listen to a live webcast of the call. The webcast will be archived and available for review through May 5, 2009.
Lexicon is a biopharmaceutical company focused on discovering and developing breakthrough treatments for human disease. Lexicon currently has five drug candidates in development for autoimmune disease, carcinoid syndrome, diabetes, glaucoma and irritable bowel syndrome, 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 Statement
This press release contains "forward-looking statements," including statements relating to Lexicon's clinical development of LX1031, LX1032, LX2931, LX4211, and LX7101 and the potential therapeutic and commercial potential of LX1031, LX1032, LX2931, LX4211, and LX7101. 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 LX1031, LX1032, LX2931, LX4211, and LX7101 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 "Factors Affecting Forward-Looking Statements" and "Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2008, 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 Data Consolidated Statements of Operations Data Three Months Ended March 31, (In thousands, except per share data) 2009 2008 (unaudited) Revenues: Collaborative research $3,605 $7,634 Subscription and license fees 563 1,259 Total revenues 4,168 8,893 Operating expenses: Research and development, including stock-based compensation of $829 and $1,127, respectively 22,976 27,802 General and administrative, including stock-based compensation of $613 and $652, respectively 4,762 5,529 Total operating expenses 27,738 33,331 Loss from operations (23,570) (24,438) Gain on long-term investments, net 517 - Interest income 327 2,781 Interest expense (666) (670) Other expense, net (945) (547) Consolidated net loss. (24,337) (22,874) Less: Net loss attributable to noncontrolling interest in Symphony Icon, Inc. 2,777 4,924 Net loss attributable to Lexicon Pharmaceuticals, Inc. $(21,560) $(17,950) Net loss attributable to Lexicon Pharmaceuticals, Inc. per common share, basic and diluted $(0.16) $(0.13) Shares used in computing net loss attributable to Lexicon Pharmaceuticals, Inc. per common share, basic and diluted 137,075 136,795 Consolidated Balance Sheet Data As of As of March 31, December 31, (In thousands) 2009 2008 (unaudited) Cash and investments, including cash and investments held by Symphony Icon, Inc. $145,467 $158,798 Property and equipment, net 63,027 65,087 Goodwill 25,798 25,798 Total assets 244,452 261,508 Deferred revenue 17,321 19,884 Current and long-term debt 44,923 30,492 Noncontrolling interest in Symphony Icon, Inc. 7,470 10,247 Accumulated deficit (508,955) (487,395) Total Lexicon Pharmaceuticals, Inc. stockholders' equity 165,822 185,580
|SOURCE Lexicon Pharmaceuticals, Inc.|
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