Lexicon Board of Directors Appoints Mike Exton, Ph.D. as New Chief Executive Officer and Director
July 08 2024 - 9:15AM
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced
that the Lexicon Board of Directors has appointed Mike Exton, Ph.D.
as chief executive officer and director of Lexicon. Dr. Exton
succeeds Lonnel Coats who, as previously announced, retired
effective July 7, 2024. Dr. Exton most recently served as the
global cardiometabolic therapeutic head at Novartis.
“I am confident that Mike is the right person to
serve as Lexicon’s next chief executive officer at this critical
time for the company,” said Ray Debbane, chairman of Lexicon’s
board of directors. “He is an inspiring leader with a demonstrated
track record of success, including leading the commercialization of
the world’s leading heart failure drug and building out a strong,
multiple-product cardiometabolic business during his time at
Novartis. His experience in the pharmaceutical industry spans
research, development, commercialization and the evaluation and
negotiation of strategic acquisitions, licensing and partnerships.
We believe that adding Mike’s leadership and complementary
capabilities and experience to those of our talented existing
management team will position the company for tremendous future
success.”
“I am excited and honored to be appointed
Lexicon’s new chief executive officer,” said Dr. Exton. “I am
impressed with Lexicon’s current assets and pipeline and look
forward to leading this talented group of employees as we focus on
executing together on the important near-term objectives to drive
value for the future.”
Dr. Exton’s broad experience includes fourteen
years with Novartis, most recently leading the global cross
functional commercial therapeutic areas of cardiovascular and
metabolic disease, with key responsibilities in discovery,
development, commercial launch preparation, business development,
investor relations and media engagement. Dr. Exton’s previous
positions with Novartis included vice president and global head,
cardiovascular renal and metabolism franchise and vice president
and head, cardiovascular renal and metabolism franchise of Novartis
USA. Prior to joining Novartis, he was director of business
development with Invida Pty Ltd and spent nine years with Eli Lilly
Australia, where he held a variety of research, business
development and commercial positions. Dr. Exton holds a B.Sc. and a
Ph.D. in neuroscience from the University of Newcastle and a Ph.D.
in immunology from the University of Essen, Germany.
Concurrent with Dr. Exton’s appointment as chief
executive officer, Jeff Wade has been named president and chief
operating officer. Mr. Wade has served as Lexicon’s president and
chief financial officer since October 2021, having previously
served in a series of finance, corporate development,
administrative and legal leadership positions since joining the
company.
About Lexicon
Pharmaceuticals
Lexicon is a biopharmaceutical company with a
mission of pioneering medicines that transform patients’ lives.
Through the Genome5000™ program, Lexicon’s unique genomics target
discovery platform, Lexicon scientists studied the role and
function of nearly 5,000 genes and identified more than 100 protein
targets with significant therapeutic potential in a range of
diseases. Through the precise targeting of these proteins, Lexicon
is pioneering the discovery and development of innovative medicines
to treat disease safely and effectively. Lexicon has commercially
launched one of these medicines, INPEFA® (sotagliflozin) in
the United States, and has a pipeline of other promising drug
candidates in discovery and clinical and preclinical development in
neuropathic pain, diabetes and metabolism and other
indications. For additional information, please
visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking
statements,” including statements relating to Lexicon’s financial
position and long-term outlook on its business, growth and future
operating results, discovery, development and commercialization 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 Lexicon’s ability
to meet its capital requirements, successfully commercialize INPEFA
in heart failure, conduct preclinical and clinical development and
obtain necessary regulatory approvals of sotagliflozin (in other
indications), LX9211, LX9851 and its other drug candidates on its
anticipated timelines, 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 products and drug candidates. Any of these risks,
uncertainties and other factors 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, 2023 and other subsequent disclosure documents 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.
For Investor
Inquiries:
Lisa DeFrancesco Lexicon
Pharmaceuticals,
Inc. lexinvest@lexpharma.com
For Media Inquiries:
Alina Cocuzza Lexicon Pharmaceuticals,
Inc. acocuzza@lexpharma.com
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