Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) has set the price for its underwritten public offering of 32 million shares of common stock, raising approximately $94.6 million. The offering includes a concurrent private placement, details of which were also disclosed by the company.
The proceeds from these transactions are expected to support Lexicon’s ongoing operations and strategic initiatives. The company continues to focus on advancing its pipeline and expanding its research and development efforts.
**Why this matters**
This capital raise provides Lexicon with additional financial resources to fund its drug development programs and operational needs. It reflects the company’s efforts to strengthen its balance sheet and maintain momentum in a competitive pharmaceutical market.