Lexicon Investors Urge 5th Circ. To Revive Diabetes Drug Suit

Law360 (June 9, 2021, 9:04 PM EDT) -- Lexicon Pharmaceuticals investors urged a Fifth Circuit panel Wednesday to revive their lawsuit claiming the company overpromised on its ability to bring its prospective diabetes drug Zynquista to market, saying the district judge mislabeled investors' allegations as "fraud by hindsight."

Lexicon misled the public about the chances that its diabetes medicine would receive approval from the U.S. Food and Drug Administration when it "recklessly failed to disclose" that regulators had communicated their concerns to the company ahead of a 2019 FDA advisory committee meeting, counsel for the investors told the three-judge panel during oral arguments.

The investors' attorney Brian Calandra of...

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