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It has been a frustrating ride for Lexicon Pharmaceuticals (LXRX) shareholders. Between never-ending (and so far completely fruitless) talk of a diabetes partnership just around the corner and clinical failures in ulcerative colitis and irritable bowel, there hasn't been much good news in a while outside of steadily strong data from 4211 (the diabetes drug).

Now matters get even dicier. Lexicon announced Monday that it was shuttering its early/development-stage R&D efforts to focus on maximizing the value of telotristat etiprate (carcinoid) and LX4211 (diabetes). With this, half of the workforce is being fired and the CEO will also be leaving. While management continues to repeat the mantra that it is talking to partners about the diabetes...

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