Lonnel Coats, Lexicon Pharmaceuticals CEO

Lex­i­con hops on pub­lic of­fer­ing train to pre­pare for next year's po­ten­tial drug ap­proval

Pub­lic of­fer­ings and pri­vate place­ments have for years been part of the lex­i­con for Nas­daq-list­ed bio­phar­mas, but they’ve be­come more promi­nent amid a bear mar­ket and a com­mon tac­tic for drug de­vel­op­ers in the hours and days af­ter dis­clos­ing pos­i­tive news.

Lex­i­con Phar­ma­ceu­ti­cals is the lat­est. A day af­ter say­ing the FDA had ac­cept­ed its drug re­sub­mis­sion for heart fail­ure, the Texas biotech eyes $85 mil­lion in gross pro­ceeds from a pub­lic of­fer­ing and a pri­vate place­ment, al­most split even­ly.

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