THE WOODLANDS, Texas, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that it had entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale, in a registered direct offering, of 20,312,500 shares of its common stock, par value $0.001, at a price of $3.20 per share, for aggregate gross proceeds to the Company of $65,000,000 before deducting fees to the placement agent and other estimated offering expenses payable by the Company. The transaction is expected to close on December 16, 2020, subject to satisfaction of customary closing conditions.

The investors in the registered direct offering were Artal International S.C.A., an affiliate of Invus, L.P., and BVF Partners L.P. and certain affiliates of BVF Partners L.P.

Citigroup Global Markets Inc. is acting as placement agent for the offering on a “reasonable best efforts” basis.

About Lexicon Pharmaceuticals

Lexicon is a biopharmaceutical company with a mission of pioneering medicines that transform patients’ lives. Through its Genome5000™ program, 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 safely and effectively treat disease. Lexicon advanced one of these medicines to market and has a pipeline of promising drug candidates in discovery and clinical and preclinical development in neuropathic pain, heart failure, diabetes and metabolism and other indications.