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Lexicon Pharmaceuticals (LXRX) continues to see its pipeline winnowed down by clinical trial failures. A prospective drug for rheumatoid arthritis basically went away last year, and it was just about two months ago that the company announced that LX 1032 (telotristat etiprate) had failed to show significant efficacy in a Phase II study in ulcerative colitis. Now there's another piece of bad news to digest, as the company announced Tuesday morning that its Phase II study of LX 1033 in IBS-D (diarrhea-prominent irritable bowel syndrome) failed to meet its primary endpoint.

Lexicon may, or may not, go forward with another study of LX 1033 on the basis of post-hoc analysis that appears to suggest some efficacy. Either...

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