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Lexicon Pharmaceuticals Shares Plunge On Proposed Public Offering

Benzinga · 07/27/2022 17:42
  • Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) shares dropped 18% in the after-hours session on commencing an underwritten public offering to offer and sell shares of its common stock, par value of $0.001.
  • Lexicon intends to grant the underwriters a 30-day option to purchase additional shares of Common Stock.
  • The financial terms and quantum of the offering were not disclosed.
  • LXRX intends to use the net proceeds for funding pre-commercial and commercial launch activities for sotagliflozin in heart failure; funding continued development of sotagliflozin in heart failure, and LX9211 in neuropathic pain; and working capital and other general corporate purposes.
  • Price Action: LXRX shares are trading lower by 18.96% at $2.65 during the post-market session on Wednesday.