LXRX - Lexicon Pharmaceuticals stock slides on proposed stock offering

• Lexicon Pharmaceuticals ( NASDAQ: LXRX ) shares dipped 16% in extended session after the biopharmaceutical company proposed an underwritten public offering of common stock.
• Lexicon intends to grant the underwriters a 30-day option to purchase additional shares of the stock.
• Terms of the offering are yet to be determined.
• Net proceeds, together with its existing cash and cash equivalents and short-term investments, will be usedfor (i) funding pre-commercial and commercial launch activities for sotagliflozin in heart failure; (ii) funding continued development of sotagliflozin in heart failure and LX9211 in neuropathic pain; and (iii) working capital and other general corporate purposes.

For further details see: