On December 11, 2020 Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) reported that it had entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale, in a registered direct offering, of 20,312,500 shares of its common stock, par value $0.001 (the "Common Stock"), at a price of $3.20 per share, for aggregate gross proceeds to the Company of $65,000,000 before deducting fees to the placement agent and other estimated offering expenses payable by the Company (Press release, Lexicon Pharmaceuticals, DEC 11, 2020, View Source [SID1234572685]). The transaction is expected to close on December 16, 2020, subject to satisfaction of customary closing conditions.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The investors in the registered direct offering were Artal International S.C.A., an affiliate of Invus, L.P., and BVF Partners L.P. and certain affiliates of BVF Partners L.P.
Citigroup Global Markets Inc. is acting as placement agent for the offering on a "reasonable best efforts" basis.
The Common Stock described above is being offered by the Company pursuant to a "shelf" registration statement on Form S-3, which was originally filed with the Securities and Exchange Commission (the "SEC") on November 7, 2019, and was declared effective on November 18, 2019 (File No. 333-234568). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website at View Source or may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.