Public equity report: PIPEs for Lexicon, Cybin, Regulus, Lexeo

Although the follow-on market went quiet this week, some public biotechs turned to private deals that extended their runways ahead of upcoming milestones.

Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) raised $250 million in a PIPE that will support its ongoing launch of Inpefa sotagliflozin, approved in May 2023 to treat heart failure. Sales of the SGLT1/SGLT2 inhibitor have been light so far; the company reported revenues of $1.2 million for the full year. Inpefa is its only commercial product...