Lexicon Announces Full Exercise and Closing of Options to Purchase Additional Shares in Connection with Previously Announced Public Offering and Concurrent Private Placement

About this update from Lexicon Pharmaceuticals, Inc.

[{"type":"text","content":"THE WOODLANDS, Texas, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) (“Lexicon”) today announced the issuance and sale of an additional 2,526,540 shares of its common stock, par value $0.001 (the “Common Stock”), pursuant to the full exercise of the underwriters’ option to purchase additional shares in connection with Lexicon’s previously announced public offering of Common Stock. 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 19,370,140, and total gross proceeds from the public offering were approximately $48.4 million, before deducting underwriting discounts and commissions and other offering expenses. Two affiliates of Invus, L.P., Lexicon’s largest shareholder, have also exercised in full their options to purchase an additional 2,573,460 shares of Common Stock in the aggregate in connection with Lexicon’s previously announced concurrent private placement. After giving effect to the full exercises of the purchasers’ options to purchase additional shares, the total number of shares of Common Stock sold in the concurrent private placement was 19,729,860, and total gross proceeds from the concurrent private placement were approximately $49.3 million. Lexicon currently intends to use the net proceeds from the public offering and the concurrent private placement, together with its existing cash and cash equivalents and short-term investments, for (i) funding pre-commercial and commercial launch activities for sotagliflozin in heart failure; (ii) funding continued development of sotagliflozin in heart failure and LX9211 in neuropathic pain; and (iii) working capital and other general corporate purposes. Citigroup and Piper Sandler acted as joint book-running managers for the public offering. A shelf registration statement on Form S-3 relating to the underwritten 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. The shares of Common Stock issued in the concurrent private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction in the United States, and may not be off...

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