Lexicon shares are trading higher after the company said it is preparing to resubmit its Sotagliflozin NDA for Type 1 diabetes following FDA feedback. Additionally, the company announced a securities purchase agreement expected to result in gross proceeds of around $250 million.
Portfolio Pulse from Benzinga Newsdesk
Lexicon Pharmaceuticals' shares surged after the company announced plans to resubmit its Sotagliflozin NDA for Type 1 diabetes based on FDA feedback. Furthermore, Lexicon revealed a securities purchase agreement anticipated to generate approximately $250 million in gross proceeds.
March 11, 2024 | 11:22 am
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Lexicon Pharmaceuticals is set to resubmit its Sotagliflozin NDA for Type 1 diabetes after receiving FDA feedback, and has announced a securities purchase agreement expected to yield $250 million in gross proceeds.
The positive news of resubmitting the Sotagliflozin NDA for Type 1 diabetes, which indicates progress towards potential approval, combined with the significant financial boost from the securities purchase agreement, is likely to instill investor confidence and drive up Lexicon's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100