THE WOODLANDS, Texas, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced that Jeff Wade, president and chief operating officer, has decided to step down to pursue new opportunities outside of Lexicon, effective September 30, 2024. A search for a new chief financial officer is ongoing.
For the past 25 years, Mr. Wade has served in a series of finance, corporate development, administrative and legal leadership positions at Lexicon, serving most recently as president and chief operating officer.
"I am grateful to have had the opportunity, during my tenure at Lexicon, to help build an exceptional company with great science and a very talented team. We have brought two medicines to market from discovery in our own labs and developed a pipeline of important new innovations. While I am moving on to other opportunities, I am very much looking forward to Lexicon's future success," said Mr. Wade.
"Jeff has been an integral part of Lexicon for more than two decades, with many important contributions. Most notably, Jeff was instrumental in putting Lexicon on the near-term path for potential approval of sotagliflozin for glycemic control in adults with type 1 diabetes and CKD and contributed significantly to furthering the development of LX9211 for diabetic peripheral neuropathic pain. We wish him all the best in his future endeavors," said Ray Debbane, chairman of Lexicon's board of directors.
"I would like to thank Jeff for his commitment and dedication to Lexicon over the past 25 years. As Lexicon enters its next chapter, I'm confident in our current strong and talented leadership team to execute on the innovative portfolio that has been built, and to carry the company forward successfully. Lexicon has a bright future ahead with many near-term and long-term catalysts with the potential to drive value for patients, employees and our shareholders," said Dr. Mike Exton, chief executive officer and director of Lexicon.
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 is commercially launching one of these medicines, INPEFA® (sotagliflozin) in the United States, and has a pipeline of other promising drug candidates in discovery and clinical and preclinical development in neuropathic pain, diabetes and metabolism and other indications. For additional information, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains "forward-looking statements," including statements relating to Lexicon's financial position and long-term outlook on its business, 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 Lexicon's ability to meet its capital requirements, successfully commercialize INPEFA in heart failure on the timeline and/or at the prices currently contemplated or at all, conduct preclinical and clinical development and obtain necessary regulatory approvals of sotagliflozin (in other indications), LX9211, LX9851 and its other drug candidates on its anticipated timelines, 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. Any of these risks, uncertainties and other factors 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 "Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2023 and other subsequent disclosure documents 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.
For Media and Investor Inquiries:
Lisa DeFrancesco
Lexicon Pharmaceuticals, Inc.
lexinvest@lexpharma.com
