Lexicon Pharma To Cut About 50% Of Workforce By Q3, Stock Up

(RTTNews) - Lexicon Pharmaceuticals, Inc. (LXRX), Tuesday announces the company's decision to reduce about 50 percent of workforce or more than 75 employees by the third quarter as a part of its strategic plan.

As part of the plan, the company would also focus on the promotion of INPEFA in heart failure, and support the potential commercial launch of ZYNQUISTA for the treatment of adults with type 1 diabetes and chronic kidney disease.

The company expects the plan to save about $40 million in operating costs in 2025.

Currently, Lexicon's stock is climbing 4.08 percent, to $1.655 on the Nasdaq.