LEXICON PHARMACEUTICALS, INC. — Director's Dealing 2012

Mar 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEXICON PHARMACEUTICALS, INC./DE (LXRX)
CIK: 0001062822
Period of Report: 2012-02-28

Reporting Person: SANDS ARTHUR T (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-28	Common Stock	M	36250	—	Acquired	846976	Direct
2012-02-28	Common Stock	F	9588	$1.78	Disposed	837388	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-28	Restricted Stock Units (Phantom Stock)	$	M	36250	Disposed		Common Stock (36250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	817500	Indirect
Common Stock	60000	Indirect

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of common stock.

F2: Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2012 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.

F3: Withholding of a portion of issued shares by the Company in satisfaction of shareholder's tax withholding obligations with respect thereto.