Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced today that it has completed its previously announced rights offering pursuant to an effective shelf registration statement. Under the rights offering, an aggregate of 142,492,883 shares of common stock will be issued at a subscription price of $1.13 per share, resulting in aggregate gross proceeds to Lexicon of approximately $161 million.
"We are pleased to announce the successful completion of our rights offering and appreciate the strong participation of our shareholders as we continue to advance our programs through key clinical milestones," said Arthur T. Sands, president and chief executive officer of Lexicon. "This additional investment provides us with added financial strength and flexibility as we begin to advance our programs towards late-stage development and commercialization."
Lexicon conducted the rights offering at the election of two of its largest stockholders, Invus, L.P. and Invus C.V., pursuant to their contractual rights to require Lexicon to initiate a pro rata rights offering to its stockholders. Invus, L.P. and its affiliates subscribed for an aggregate of 115,044,247 shares of common stock in the rights offering and will beneficially own approximately 58.3% of Lexicon's outstanding common stock following completion of the rights offering.
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