THE WOODLANDS, Texas, Nov. 19 /PRNewswire/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG) announced today that it has been ranked 7th among the 50 fastest growing technology companies in Texas in the Deloitte & Touche 2001 Texas Crescent Technology Fast 50 Program. The Company has also been ranked 132nd among the fastest growing technology companies in the United States and Canada in the Deloitte & Touche 2001 Technology Fast 500. Rankings for both awards are based on the percentage of growth in revenues over the five-year period from 1996-2000.
Arthur T. Sands, M.D., Ph.D., President and Chief Executive Officer of Lexicon, credits the Company's 4,625 percent revenue growth over the past five years to the power of Lexicon's patented gene knockout technology to discover novel drug targets and develop therapeutics.
"Our recent discovery of a new, potential target for the treatment of cardiovascular disease, diabetes, and obesity demonstrates the power of our technology for pharmaceutical discovery," Dr. Sands said. "Our pipeline of new targets is robust, and we are continuing to focus on the discovery of major physiological switches for potential blockbuster products in the areas of cardiovascular disease, cancer, diabetes, obesity and neurological disease."
Lexicon recently announced the discovery of a new target for the development of potential treatments for heart disease, obesity and related diseases, such as diabetes. The gene was uncovered through Lexicon's industrialized gene knockout program in which mice lacking specific genes are associated with desirable medical profiles. These knockout mice registered significantly lower triglyceride and cholesterol levels, as well as reduced body fat, with no change in diet. Blocking this target, an enzyme designated LG-314, could provide a powerful new avenue to develop therapies for cardiovascular disease and obesity. Lexicon expects to discover compounds that can inhibit the enzyme target within one year.
"Being one of the 500 fastest growing technology companies in North America is an impressive accomplishment. We commend Lexicon Genetics for making the Deloitte & Touche Technology Fast 500 and applaud its phenomenal 4,625 percent five-year growth rate," said Mark A. Evans, managing director, Deloitte & Touche Technology & Communications Group.
The Fast 500 list is compiled from three sources: winners of the Deloitte & Touche's 22 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 1996 revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively. Entrants are public or private companies headquartered in North America and must be a "technology company," defined as a company that develops proprietary technology which contributes to a significant portion of the company's operating revenues, manufactures a technology-related product, or devotes a high percentage of effort to research and development of technology.
In addition, Lexicon has been named the 13th fastest growing technology- based company in Houston by the Houston Business Journal Fast Tech 50 Award Program. Winners of the Fast Tech 50 Award were ranked by sales growth percentage from 1999 to 2000. All recipients of this first-time award were honored at a luncheon in Houston on November 9th.
About Lexicon Genetics:
Lexicon Genetics Incorporated is a drug discovery company of the post- genome era, using gene knockout technology to define the functions of genes for the discovery of pharmaceutical products. Lexicon is using this technology to fuel drug discovery programs in cancer, cardiovascular disease, immune disorders, neurological disease, diabetes and obesity. Lexicon has established drug discovery alliances and functional genomics collaborations with leading pharmaceutical and biotechnology companies, research institutes and academic institutions throughout the world to commercialize its technology and further develop its discoveries. Additional information about the Company is available through Lexicon's corporate website, www.lexicon-genetics.com.
This press release contains "forward-looking statements," including statements about Lexicon's growth and future operating results, discovery and development of products, strategic alliances, and intellectual property, as well as other matters that are not historical facts or information. These forward-looking statements are based on management's current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including those relating to Lexicon's ability to achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, that may cause Lexicon's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under "Factors Affecting Forward-Looking Statements" and "Business - Risk Factors" in Lexicon's annual report on Form 10-K for the year ended December 31, 2000, as filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.