THE WOODLANDS, Texas, April 29, 2024 (GLOBE NEWSWIRE) — Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that Lonnel Coats has provided notice of his retirement as chief executive officer and as a member of its board of directors, in each case effective July 7, 2024, his 10th anniversary with the company. The board of directors has initiated a search for a new chief executive officer which will consider both internal and external candidates.
“During Mr. Coats’ tenure, Lexicon advanced two compounds through clinical development and into market, multiple programs into late-stage development and numerous compounds from discovery into development”, said Ray Debbane, the chair of Lexicon’s board of directors. “It is under his leadership that Lexicon transformed from a scientific platform company into a fully integrated biopharmaceutical business. Equally important, he has assembled a tremendous management team that is well positioned to carry forward his leadership and the company’s mission.”
“I am truly blessed to have had the opportunity to spend the last decade leading this remarkable company,” said Mr. Coats. “I have had the privilege to work with an outstanding board which has been consistent in its support and dedication to the long view of value creation for the company. Most importantly, it’s been such an honor to work with so many dedicated and talented team members at every level of the company. They are the real heartbeat of Lexicon and I am confident there will be “NO LET UP!”
“Lexicon has never been stronger,” Mr. Coats added. “We have a talented commercial leadership team dedicated to accelerating access and sales of INPEFA® over the next few quarters. We are working to have an opportunity to leverage our commercial infrastructure and talent to launch sotagliflozin for people with type 1 diabetes and chronic kidney disease as early as the first quarter of 2025. We expect that a Phase 3 study of sotagliflozin in hypertrophic cardiomyopathy will be underway by mid-year, which if successful could enable sotagliflozin to be in market for that indication by late 2027. We expect to disclose topline data from our PROGRESS Phase 2b study of LX9211 for diabetic peripheral neuropathic pain by the second quarter of 2025. And our latest clinical candidate, LX9851 for obesity and weight management, is advancing toward IND-enabling studies. With our recent successful capital raise and management’s commitment to responsible and targeted capital allocation, focused execution, and openness to partnership opportunities, I am confident Lexicon’s greatest days are ahead.”
About Lexicon Pharmaceuticals
Lexicon is a biopharmaceutical company with a mission of pioneering medicines that transform patients’ lives. Through the Genome5000™ program, Lexicon’s unique genomics target discovery platform, Lexicon scientists studied the role and function of nearly 5,000 genes and identified more than 100 protein targets with significant therapeutic potential in a range of diseases. Through the precise targeting of these proteins, Lexicon is pioneering the discovery and development of innovative medicines to treat disease safely and effectively. Lexicon has commercially launched one of these medicines, INPEFA® (sotagliflozin) in the United States, and has a pipeline of other promising drug candidates in discovery and clinical and preclinical development in neuropathic pain, diabetes and metabolism and other indications. For additional information, please visit www.lexpharma.com.
