THE WOODLANDS, Texas, April 15, 2015 /PRNewswire/ -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), a biopharmaceutical company focused on developing breakthrough treatments for human disease, today announced that the company and Bristol-Myers Squibb have selected a development candidate for neuropathic pain as part of their neuroscience drug discovery and development alliance. Lexicon and Bristol-Myers Squibb are proceeding with plans to progress the development candidate through IND-enabling studies in preparation for the commencement of clinical trials. Bristol-Myers Squibb has the first option under the alliance to obtain exclusive clinical development and commercialization rights upon the initiation of Phase 1 clinical studies, subject to the payment of milestones and royalties to Lexicon.
"The selection of this very promising drug candidate for neuropathic pain marks the culmination of a long-standing and highly-productive collaborative effort between Lexicon and Bristol-Myers Squibb," said Lonnel Coats, Lexicon's president and chief executive officer. "We look forward to bringing innovation from this novel mechanism to patients in an area of high unmet need."
About the Lexicon Pharmaceuticals-Bristol-Myers Squibb Neuroscience Alliance
Lexicon and Bristol-Myers Squibb established a drug discovery alliance in December 2003 to discover, develop and commercialize small molecule drugs in the neuroscience field. Lexicon initiated the alliance with a number of neuroscience drug discovery programs at various stages of development and used its gene knockout technologies to identify additional drug targets with promise in the neuroscience field. For those targets that were selected for the alliance, Lexicon and Bristol-Myers Squibb are working together, on an exclusive basis, to identify, characterize and carry out the nonclinical development of small molecule drugs, and share equally both in the costs and in the work attributable to those efforts. As drugs resulting from the alliance enter clinical trials, Bristol-Myers Squibb will have the first option to assume full responsibility for clinical development and commercialization. Lexicon received $86 million in upfront payments and research funding under the agreement during the target discovery portion of the alliance, which expired in October 2009. In addition, Lexicon is entitled to receive clinical and regulatory milestone payments ranging, depending on the timing and extent of its efforts in the alliance, up to $76 million for each drug developed by Bristol-Myers Squibb under the alliance. Lexicon will also earn royalties on sales of drugs commercialized by Bristol-Myers Squibb under the alliance.
Lexicon is a biopharmaceutical company focused on developing breakthrough treatments for human disease. Lexicon has clinical-stage drug programs for diabetes, carcinoid syndrome, and other indications, all of which were discovered by Lexicon's research team. Lexicon has used its proprietary gene knockout technology to identify more than 100 promising drug targets. For additional information about Lexicon and its programs, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains "forward-looking statements," including statements relating to Lexicon's 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 those relating to Lexicon's ability to meet its capital requirements, successfully conduct preclinical and clinical development of its drug candidates, obtain necessary regulatory approvals, 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, that 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, 2014, as 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.
SOURCE Lexicon Pharmaceuticals, Inc.