Lexicon Pharmaceuticals (LXRX) said Monday a phase 2b study evaluating pilavapadin for diabetic peripheral neuropathic pain demonstrated that the oral, non-opioid achieved "meaningful" pain reduction versus placebo and was well-tolerated in the 10 mg dose.

The company said, however, that the study results "did not reach statistical significance on the primary endpoint."

Adverse events were more frequent in the pilavapadin treatment arms, but nearly all were reported as mild or moderate, the company said.

Lexicon indicated plans to move forward with the 10 mg dose into phase 3 development, targeting the considerable unmet need for non-opioid options in diabetic peripheral neuropathic pain.

Lexicon shares were down by nearly 50% in recent premarket activity.