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(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.

A state of balance that exists between two opposing forces or divergent forms of influence.

The RF excitation angle cos qE at which the signal is a maximum for a short-TR steady-state incoherent sequence. The Ernst angle is found from the relation cos ΘE = exp (-TR/T1).

The Esaote Group, founded in the 1980's, is a global leader in research, production, and marketing of medical diagnostic equipment and related services. Esaote offers integrated diagnostic solutions for ultrasound electromedical diagnostic systems, and MRI. The Esaote MR equipment is dedicated for specific clinical applications, as distinguished from conventional whole body MRI systems. This MRI product family is based on a unique, proprietary technology developed specifically for musculoskeletal imaging.
The Italian based company is a member of the Bracco Group.
Esaote North America is the exclusive U.S. distributor of MRI devices manufactured by Esaote.

MRI Scanners:

0.2T to 0.31T:
Vet-MR (Based on the E Scan XQ, dedicated to the veterinarian practice.)

European Medicines Agency (EMA) is a decentralised body of the European Union with headquarters in London.
'The EMA began its activities in 1995, when the European system for authorising medicinal products was introduced, providing for a centralised and a mutual recognition procedure. The EMA has a role in both, but is primarily involved in the centralised procedure. Where the centralised procedure is used, companies submit one single marketing authorisation application to the EMA. A single evaluation is carried out through the Committee for Medicinal Products for Human Use (CHMP) or Committee for Medicinal Products for Veterinary Use (CVMP). If the relevant Committee concludes that quality, safety and efficacy of the medicinal product is sufficiently proven, it adopts a positive opinion. This is sent to the Commission to be transformed into a single market authorisation valid for the whole of the European Union.'
'Its main responsibility is the protection and promotion of public and animal health, through the evaluation and supervision of medicines for human and veterinary use. The EMA coordinates the evaluation and supervision of medicinal products throughout the European Union. The Agency brings together the scientific resources of the 28 EU Member States in a network of over 40 national competent authorities. It cooperates closely with international partners, reinforcing the EU contribution to global harmonisation.'