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FDA approves Lexicon Pharma's carcinoid syndrome diarrhea drug

(Corrects headline and paragraph 1 and 2 to "carcinoid syndrome diarrhea" from "carcinoid syndrome")

Feb 28 (Reuters) - The U.S. Food and Drug Administration said on Tuesday it had approved Lexicon Pharmaceuticals Inc's oral drug to treat carcinoid syndrome diarrhea, a condition that develops in patients with gastrointestinal tumors.

The drug, Xermelo or telotristat ethyl, was tested on patients who were unable to tolerate somatostatin analog therapy (SSA)- the standard-of-care treatment for carcinoid syndrome diarrhea made by companies such as Novartis AG and Ipsen SA.

The U.S. health regulator said in September that it required more time to review the drug, extending its decision date by three months, but did not request an additional trial.

(Reporting by Divya Grover in Bengaluru; Editing by Anil D'Silva)