Nov 22 (Reuters) - Lexicon Pharmaceuticals ( LXRX ) said

on Friday it would reduce its workforce by about 60%, after the

U.S. Food and Drug Administration noted deficiencies in its

application seeking approval for its diabetes drug.

This comes days after a panel of advisers to the FDA

voted against recommending the drug, sotagliflozin, as an add-on

treatment to insulin therapy for managing blood glucose levels

in adults with type 1 diabetes and chronic kidney disease.

Shares of the biopharma firm were down nearly 12% at 68

cents in premarket trading.

Lexicon said it will eliminate its commercial field team and

stop promotional efforts for its approved heart failure

treatment, Inpefa.

However, the company said it will continue to

manufacture and make Inpefa available to patients and existing

prescribers.

As part of the restructuring, Lexicon aims to reduce

operating costs by $100 million in 2025.