Shares of Lexicon Pharmaceuticals Inc. jumped 25% to $2.73 on Friday after the company posted results that showed its revenue doubled in the fourth quarter, along with details on its sotagliflozin drug.
The Woodlands, Texas biopharmaceutical company posted a net loss of $30.5 million, or 16 cents a share, after the market's close Thursday compared with a loss of $25.6 million, or 17 cents a share, for the same period a year earlier.
Revenue from royalties and other sources surged to $28 million from $14 million a year ago, the company said.
Total operating expenses, including costs related to the commercial launch of its sotagliflozin drug to treat heart failure, rose 16% to $30.3 million, the company said.
In July, Lexicon Pharmaceuticals received Food and Drug Administration approval to treat heart failure with sotagliflozin.
"We are on track for the PDUFA (prescription drug user fee act) action date in May of this year for our NDA for sotagliflozin for the treatment of heart failure, as confirmed during this week's FDA late-cycle review meeting," Lexicon Chief Executive Lonnel Coats said.
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