Lexicon Pharma falls after FDA declines to approve its add-on diabetes drug

Lexicon Pharmaceuticals

23/12/2024 12:02

** Shares of Lexicon Pharmaceuticals  LXRX.O  drop 11.75% to
63 cents before the bell
    ** Late on Friday, U.S. FDA declined to approve the
biopharma company's add-on drug for type 1 diabetes and chronic
kidney disease
    ** Company had previously disclosed its strategic decision
to discontinue launch preparations for the drug
    ** Company had said in November it would reduce its
workforce by about 60%, after the U.S. FDA noted deficiencies in
its application seeking approval for its diabetes drug
    ** LXRX to focus on development of other products
    ** A panel of advisers to the FDA had voted against
recommending the drug, sotagliflozin, as an add-on treatment to
insulin therapy for managing blood glucose levels in adults with
type 1 diabetes and chronic kidney disease
    ** Up to last close, stock down ~53% YTD
    

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))