Texas based Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) released news of positive top-line results from the testing of a new medicine. The drug, sotagliflozin, was created to be used with insulin to treat Type 1 diabetes. Nearly three million adults in the U.S. are diagnosed with the disease according to the Juvenile Diabetes Research Foundation, a non-profit organization. In a double-blind, placebo-controlled, randomized, global study spanning over 24 weeks. Although the study has yet to be confirmed via peer review, the news has given way to a rise in the company’s stock price to around 6.8% to $16.41 per share.
According to Lexicon’s press release, Lonnel Coats – the president and CEO - said, “These positive results represent an important milestone, further supporting sotagliflozin’s differentiated profile as a novel, oral anti-diabetic agent with potential to benefit people with type 1 diabetes. Sotagliflozin is the first-ever oral anti-diabetic drug candidate to have achieved success in now three consecutive Phase 3 clinical trials in this population.”
Sotagliflozin was created in collaboration with Sanofi, a French pharmaceutical firm in 2015. Sanofi’s current stock price is $48.10 per share.