Lexicon Pharmaceuticals Inc said its experimental diabetes drug, along with metformin, reduced average blood glucose levels compared with a placebo in a mid-stage trial.
The company said the side effects of LX4211, its experimental oral drug for type 2 diabetes patients, were mild to moderate, similar to placebo. Four adverse events reported during the trial were not treatment related.
Patients were concurrently treated with widely used diabetes therapy metformin.
Lexicon is planning to conduct a late-stage trial in the first half of 2013.
The Woodlands, Texas-based company's shares, which were trading at $1.58 after it reported its first-quarter result, were up 9 percent at $2.08 in premarket trading. They closed at $1.91 on the Nasdaq on Friday.
(Reporting by Prateek Kumar in Bangalore; Editing by Joyjeet Das)