Lexicon diabetes drug meets mid-stage trial goal

Reuters

Lexicon Pharmaceuticals Inc said its experimental diabetes drug met the main goals of a mid-stage trial, sending its shares soaring 46 percent in morning trade.

Data from the mid-stage study of the drug, LX4211, showed improvements in glycemic control, suggesting statistical significance in the primary and multiple secondary efficacy goals, the company said.

"Today's results lay down the foundation for partnership talks ... the primary care diabetes market is a huge opportunity for the company and they will have to partner the drug to send it across the finish line," Thomas Weisel Partners analyst Stephen Willey said by phone.

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