Lexicon Pharmaceuticals Shares Rise on Beat to 4Q Loss, Plans for Sotagliflozin
By Sabela Ojea
Shares of Lexicon Pharmaceuticals on Monday rose 5.5% to $2.29 in pre-market trading after the company reported a narrower-than-expected loss for the fourth quarter and provided an update on sotagliflozin.
The biopharmaceutical company posted a net loss of $48.2 million, or 20 cents, compared with a loss of $30.5 million, or 16 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast quarterly losses per share of 22 cents.
The company also said it has entered into a securities purchase agreement for a private placement to get gross proceeds of around $250 million.
Regarding sotagliflozin, the company said preparations are underway for its phase 3 study in hypertrophic cardiomyopathy, as well as for the resubmission of a new drug application for sotagliflozin in type 1 Diabetes.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 11, 2024 08:57 ET (12:57 GMT)
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