Healthcare Industry News: Lexicon Pharmaceuticals
News Release - April 26, 2007
Lexicon Genetics Changes Name to Lexicon Pharmaceuticals as Drug Development Pipeline ProgressesLexicon Name Change Approved, Accompanied by New Stock Ticker
THE WOODLANDS, Texas, April 26 (HSMN NewsFeed) -- Lexicon Genetics Incorporated (Nasdaq: LEXG ) today announced that its proposed name change to Lexicon Pharmaceuticals, Inc. was approved by its shareholders at its annual shareholder meeting held on April 25, 2007. In connection with the name change, Lexicon is changing its common stock ticker symbol on the Nasdaq Global Market to "LXRX," which change is expected to be effective as of the opening of trading on Friday, April 27, 2007. The company is also launching a new logo and website address, which can be found at http://www.lexpharma.com .
Arthur T. Sands, M.D., Ph.D., Lexicon's president and chief executive officer commented, "We have made great strides this year in our transition from a research stage company to an integrated biopharmaceutical company with an exciting pipeline of product candidates. Our name change to Lexicon Pharmaceuticals reflects this successful transition as well as our promising future in product development and commercialization."
Shareholders are not required to take any action with respect to the name change. However, any shareholder wishing to exchange a paper stock certificate for one bearing the new name may contact the company's transfer agent, Mellon Investor Services, L.L.C., by calling their toll-free number, (800) 635-9270 for specific information and instructions.
Lexicon is a biopharmaceutical company focused on the discovery and development of breakthrough treatments for human disease. Lexicon currently has clinical programs underway for such areas of major unmet medical need as irritable bowel syndrome and cognitive disorders. The company has used its proprietary gene knockout technology to discover more than 100 promising drug targets and create an extensive pipeline of clinical and preclinical programs in the therapeutic areas of diabetes and obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders and ophthalmic disease. To advance the development and commercialization of its programs, Lexicon is working both independently and through collaborators including Bristol-Myers Squibb Company, Genentech, Inc., N.V. Organon and Takeda Pharmaceutical Company Limited. For additional information about Lexicon and its programs, please visit http://www.lexpharma.com .
Safe Harbor Statement
This press release contains "forward-looking statements," including statements relating to Lexicon's growth and future operating results, discovery and development of products, strategic alliances and intellectual property, as well as other matters that are not historical facts or information. All forward-looking statements are based on management's current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including those relating to Lexicon's ability to successfully conduct preclinical and clinical development of its potential drug candidates, advance additional candidates into preclinical and clinical development, obtain necessary regulatory approvals, achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, as well as additional factors relating to manufacturing, intellectual property rights, and the therapeutic or commercial value of its drug candidates, that may cause Lexicon's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under "Factors Affecting Forward-Looking Statements" and "Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Lexicon Genetics
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