For Immediate Release

Lexicon Genetics Incorporated Announces Pricing of Initial Public Offering

April 6, 2000

THE WOODLANDS, Texas, /PRNewswire/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG) today announced that it has priced an initial public offering of 10,000,000 shares of common stock at $22.00 per share.

Lexicon intends to use the net proceeds from the offering to increase its functional genomics research efforts, expand its Human Gene Trap(TM) database and OmniBank® database and library, generate full-length gene sequences for potential drug targets and therapeutic proteins, and fund working capital, capital expenditures and other general corporate purposes.

J.P. Morgan & Co. and Credit Suisse First Boston are co-lead managers of the offering, with J.P. Morgan & Co. acting as bookrunning lead manager. CIBC World Markets and Punk, Ziegel & Company are acting as co-managers. Information about this offering is available in the prospectus filed with the Securities and Exchange Commission.

Lexicon is a genomics company using gene trapping technology to discover thousands of genes and expand its OmniBank library of tens of thousands of knockout mouse clones for drug discovery. Lexicon's Internet exchange, Lexgen.com, enables researchers worldwide to access the OmniBank library and form collaborations with Lexicon to discover pharmaceutical products based on genes and knowledge of their functions.

Copies of the final prospectus relating to the offering may be obtained from J.P. Morgan & Co., 60 Wall Street, New York, New York 10260. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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