And then there were two

After 20 years and about $1.3 billion raised, Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) has had its first Phase III success with telotristat etiprate to treat carcinoid syndrome. The company hopes to double its Phase III hit rate next year with a diabetes program.

Lexicon is one of two remaining independent companies formed in the 1990s to undertake genomics-based drug discovery. The other, Exelixis Inc. (NASDAQ:EXEL), also has seen its market cap surge recently on Phase III data (see "Capitalizing on Cometriq," page 7)...