Press release
Lexicon Announces Closing of Public Offering and Concurrent Private Placement, Including Full Exercise of Options to Purchase Additional Shares
Aggregate Gross Proceeds of $143.7 Million from Public Offering and Private Placement THE WOODLANDS, Texas, June 05, 2023 (GLOBE NEWSWIRE) -- Lexicon
About this update from Lexicon Pharmaceuticals, Inc.
[{"type":"text","content":"Aggregate Gross Proceeds of $143.7 Million from Public Offering and Private Placement\nTHE WOODLANDS, Texas, June 05, 2023 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced the closing of Lexicon’s previously announced public offering and concurrent private placement of shares of its common stock. The closing included the issuance and sale of an additional 3,588,705 shares of common stock to the underwriters pursuant to the full exercise of their option to purchase additional shares. After giving effect to the full exercise of the underwriters’ option to purchase additional shares, the total number of shares of common stock sold in the public offering was 27,513,410, and total gross proceeds from the public offering were approximately $71.5 million, before deducting underwriting discounts and commissions and other offering expenses. An affiliate of Invus, L.P., Lexicon’s largest shareholder, also exercised in full its option to purchase an additional 3,622,832 shares of common stock in connection with the concurrent private placement. After giving effect to the full exercise of the purchaser’s option to purchase additional shares, the total number of shares of common stock sold in the concurrent private placement was 27,775,050, and total gross proceeds from the concurrent private placement were approximately $72.2 million, before deducting offering expenses. Lexicon intends to use a portion of the net proceeds that it will receive from the offering, together with its existing cash and cash equivalents and short-term investments, to (i) fund the commercial launch of INPEFA™ (sotagliflozin) and (ii) fund the continued research and development of its drug candidates and for working capital and other general corporate purposes. Citigroup, Jefferies and Piper Sandler acted as joint book-running managers for the public offering. A shelf registration statement on Form S-3 relating to the public offering was filed with the U.S. Securities and Exchange Commission (“SEC”) on August 6, 2021 and declared effective by the SEC on September 14, 2021 (File No. 333-258564). The shares of common stock issued in the concurrent private placement have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction in the United States, and may not be offered, pledged, sold, deli...