Lexicon Pharmaceuticals rises on plan to lay off 60% of employees

Lexicon Pharmaceuticals

22/11/2024 16:38

** Lexicon Pharmaceuticals'  LXRX.O  shares rise 6.3% to 82
cents
    ** Co says it plans to cut about 60% of its workforce
effective Dec. 31
    ** Co to shut down commercial operations and stop promotions
for its approved heart failure treatment, Inpefa, but will
continue production and supply for patients and existing
prescribers 
    ** Piper Sandler analysts say the Inpefa decision "removes
capital constraints/overhang driving investor uncertainty" 
    ** Says U.S. FDA noted deficiencies in LXRX's application
seeking approval for the drug as an add-on treatment to insulin
therapy for managing blood glucose levels in adults with type 1
diabetes and chronic kidney disease
    ** LXRX had 285 employees as of Mar 21, according to its
latest annual report
    ** Including session's gains, stock has fallen 47.5% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))