Lexicon Pharmaceuticals Inc LXRX shares are trading lower by 42% to 40 cents Monday morning. The company earlier announced topline results from its PROGRESS Phase 2b study evaluating pilavapadin (LX9211) for diabetic peripheral neuropathic pain.

What To Know: The study confirmed that a 10 mg daily dose achieved meaningful pain reduction with improved tolerability, making it the optimal dose for Phase 3 trials. Unlike the prior RELIEF-DPN-1 study, PROGRESS eliminated the high initial loading dose, improving patient tolerability while maintaining efficacy.

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The company says, despite the study not meeting statistical significance in its primary endpoint, the 10 mg dose showed clear clinical benefits over placebo. Adverse events, primarily dizziness and nausea, were less severe than in previous trials, with the 10 mg dose being well-tolerated.

Lexicon's CEO, Mike Exton, emphasized pilavapadin's potential to become the first new oral non-opioid treatment for neuropathic pain in 20 years. Full study results will be published in a peer-reviewed journal.

According to data from Benzinga Pro, LXRX has a 52-week high of $2.83 and a 52-week low of $0.62.

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