[This entry is marked for removal.]
(July 20, 2009 - EPIX Pharmaceuticals, Inc. announced today that, in light of the company's lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law).
EPIX has been a specialty pharmaceutical firm developing targeted
contrast agents to improve the capability of
MRI as a diagnostic tool for a variety of diseases.
Gadofosveset trisodium (formerly
MS-325,
Vasovist™, now
ABLAVARt™), is an injectable
intravascular contrast agents designed for multiple vascular imaging applications, including peripheral vascular disease and coronary artery disease.
EPIX conducted a pivotal
Phase III trial for the detection of peripheral vascular disease, as well as a
Phase II feasibility trial for coronary artery disease diagnosis.
To ensure rapid development and adoption of
gadofosveset trisodium into clinical practice upon regulatory approval, EPIX pursued an aggressive product development plan and commercialization strategy. The Company established an exclusive, worldwide sales and marketing agreement with
Bayer Schering Pharma AG. EPIX also established corporate collaborations with
GE Healthcare,
Philips Medical Systems and
Siemens Medical Systems, the three leading
MRI manufacturers, which together account for approximately 80 percent of the
MRI machines installed worldwide.
EPIX had other
MRI contrast agents under development, most significantly a novel prototype blood clot agent (
EP-2104R). Potential clinical applications for this type of agent include detection of deep venous thrombosis, pulmonary embolism and blood clots in the coronary and carotid arteries. Currently, there is no high
resolution imaging technique to directly visualize blood clots in patients with suspected cardiovascular disease.
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