Lexicon Pharmaceuticals (LXRX) has shared an update.
Lexicon Pharmaceuticals, Inc. has initiated a Private Placement deal selling over 2.3 million shares of Series A Convertible Preferred Stock to accredited investors, aiming to raise roughly $250 million. The Preferred Stock is convertible to Common Stock, with gross proceeds to be used before accounting for fees and offering expenses. Invus, L.P., an investing affiliate, is participating with voting rights in favor of a charter amendment to increase authorized Common Stock. The offering relies on exemptions from standard registration requirements and is facilitated by notable placement agents, with the Company also planning to file a Certificate of Designations in Delaware for the stock creation.
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