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Lexicon Pharmaceuticals Provides Clinical Pipeline Update and Reports 2013 First Quarter Financial Results
Date:5/10/2013

ients in a pivotal Phase 3 clinical trial of telotristat etiprate in carcinoid syndrome and a Phase 2 clinical trial of telotristat etiprate in ulcerative colitis. Telotristat etiprate is an inhibitor of tryptophan hydroxylase that reduces peripheral serotonin production without affecting brain serotonin levels.
  • LX1033: Lexicon continues to enroll patients in a Phase 2 clinical trial of LX1033 in patients with diarrhea-predominant IBS (IBS-d).  LX1033 is an inhibitor of tryptophan hydroxylase that acts locally in the gastrointestinal tract to reduce serotonin production without impacting brain serotonin levels.
  • Financial ResultsRevenues:  Lexicon's revenues for the three months ended March 31, 2013 increased 20 percent to $0.4 million from $0.3 million for the corresponding period in 2012.  The increase for the three months ended March 31, 2013 was primarily attributable to higher revenues from Lexicon's alliance with Taconic Farms.

    Research and Development Expenses:  Research and development expenses for the three months ended March 31, 2013 decreased 12 percent to $20.3 million from $23.0 million for the corresponding period in 2012.  The decrease was primarily attributable to decreases in external manufacturing, clinical research and development costs, facility costs and personnel costs.

    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 $1.3 million and $2.1 million for the three mon
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    SOURCE Lexicon Pharmaceuticals, Inc.
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