Lexicon Pharmaceuticals, Inc. (LXRX) saw its loss widen to $36.02 million, or $0.35 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $35.28 million, or $0.34 a share.
Revenue during the quarter surged 4,797 percent to $27.72 million from $0.57 million in the previous year period.
Operating loss for the quarter was $34.93 million, compared with an operating loss of $33.68 million in the previous year period.
"We achieved a key milestone in the third quarter with the release of positive top-line results from our first pivotal Phase 3 clinical trial of sotagliflozin in patients with type 1 diabetes, followed by favorable results in October from a Phase 2 study that supported our Phase 3 dose selection and demonstrated results on several important measures beyond A1C," said Lonnel Coats, Lexicon's president and chief executive officer. "We are enthusiastic about the clinical results demonstrated by sotagliflozin to date, and we are looking forward to announcing the results from two additional clinical trials, including our second pivotal Phase 3 study, by the end of the year."
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