09:42 AM EDT, 08/13/2024 (MT Newswires) -- (Corrects first paragraph to accurately reflect approximate number of job cuts)

Lexicon Pharmaceuticals ( LXRX ) said Tuesday it is planning to cut more than 75, or approximately 50% of its current workforce, by the end of Q3 as part of its cost-cutting measures.

Under the measures, the company will reallocate resources for the commercial launch of Zynquista to improve glycemic control in adults with type 1 diabetes and chronic kidney disease. It will also optimize promotional efforts for Inpefa in heart failure, Lexicon added.

The company is refocusing its resources throughout its portfolio where it "believes it can have the greatest impact on patients," Lexicon said.

The biopharmaceutical firm anticipates roughly $40 million in cost savings for next year, it added.

Lexicon's stock was 4.4% lower in recent Tuesday premarket activity.

Price: 1.63, Change: +0.04, Percent Change: +2.52