Lexicon Pharmaceuticals Provides Clinical Pipeline Update and Reports 2009 First Quart...(tml target _new glaucoma in preparat...),Health

Date:4/28/2009

tml" target="_new">glaucoma, in preparation for the planned filing of an IND application with the FDA. LX7101 is a small molecule compound that may have the potential for treating glaucoma by lowering intraocular pressure through a new mechanism of action that enhances the eye's fluid outflow facility. Impairment of fluid outflow is thought to be a major contributing factor in the higher incidence of glaucoma that is observed as people age.

Financial Results

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 correspondin
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SOURCE Lexicon Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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