THE WOODLANDS, Texas - Lexicon Pharmaceuticals , Inc. (NASDAQ: NASDAQ:LXRX) announced today that Ivan H. Cheung has joined its Board of Directors. Cheung, with over 25 years in the healthcare industry, is currently the CEO and a director at NextPoint Therapeutics and has been a senior advisor to TPG Growth since September 2023.
The company highlighted Cheung's extensive experience, including his previous roles at Eisai Co., Ltd. (TYO:4523), where he served as CEO of Eisai Inc. until July 2023, followed by a strategic advisory position. His earlier career included a seven-year tenure at Booz Allen (NYSE:BAH) Hamilton, Inc. Cheung is an alumnus of Duke University and Harvard University, holding a B.S.E and an M.B.A., respectively.
His appointment coincides with the retirement of Dr. Robert J. Lefkowitz from the Lexicon Board after 23 years. Ray Debbane, the Chairman of the Board, expressed gratitude for Lefkowitz's contributions and anticipation for the strategic expertise Cheung will bring to the company.
Lexicon Pharmaceuticals focuses on developing medicines through its Genome5000™ program, which has identified over 100 protein targets for therapeutic potential. The company has launched INPEFA® (sotagliflozin) in the U.S. and is advancing a pipeline of drug candidates for various conditions.
This announcement comes as Lexicon prepares for a "catalyst-rich 2025," according to Debbane, suggesting a period of significant developments for the company. Lexicon's forward-looking statements indicate plans for continued product discovery and development, commercialization efforts, and strategic alliances.
The press release also contains a safe harbor statement, cautioning that Lexicon's forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected.
This news is based on a press release statement from Lexicon Pharmaceuticals, Inc.
In other recent news, Lexicon Pharmaceuticals reported on its Q3 2024 progress, including financial results and updates on its drug development pipeline. The company experienced a net loss of $64.8 million for the quarter, with increased R&D and SG&A expenses due to investments in late-stage programs and marketing efforts. Despite the FDA advisory committee's vote against ZYNQUISTA for the primary population, support was indicated for its use in older patients, and the company is preparing for potential approval by Q1 2025.
Sales of the heart failure drug INPEFA reached $1.7 million, marking an 8% growth quarter-on-quarter. Lexicon is also advancing a Phase 3 study for sotagliflozin and a Phase 2b study for LX9211, with results expected in Q1 2025. The company has paused new spending related to ZYNQUISTA's launch until the PDUFA outcome.
Lexicon maintains a cautious approach to its cash position, ending Q3 with $258.4 million in cash and investments. The company is optimistic about its pipeline, including LX9211 for DPNP and LX9851 for obesity, and expects to make ZYNQUISTA available by Q1 2025 if approved. These are the recent developments for Lexicon Pharmaceuticals.
InvestingPro Insights
As Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) welcomes Ivan H. Cheung to its Board of Directors and prepares for a "catalyst-rich 2025," investors may find additional context from InvestingPro's real-time data and tips particularly relevant.
According to InvestingPro data, Lexicon's revenue growth has been impressive, with a staggering 886.6% increase over the last twelve months as of Q3 2024. This aligns with the company's focus on developing and commercializing new medicines, including the recently launched INPEFA®.
However, it's important to note that despite this growth, Lexicon is not yet profitable. An InvestingPro Tip indicates that analysts do not anticipate the company will be profitable this year. This is reflected in the company's negative operating income margin of -4037.43% for the last twelve months as of Q3 2024.
On a positive note, another InvestingPro Tip reveals that Lexicon holds more cash than debt on its balance sheet, which could provide financial flexibility as the company moves forward with its product pipeline and commercialization efforts.
For investors considering Lexicon's potential, it's worth noting that InvestingPro offers 11 additional tips for LXRX, providing a more comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable as Lexicon enters what it anticipates to be a pivotal year in 2025.
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