Wednesday, October 15, 2008

Epix issued note of Nasdaq noncompliance

By Mass High Tech Staff

Lexington therapeutics firm Epix Pharmaceuticals Inc. has received notice from The Nasdaq Stock Market that it has failed “to maintain a minimum $50 million market capitalization for continued listing,” company officials said.

The noncompliance notice refers to Nasdaq Marketplace Rule 4450(b)(1)(A). As a result, Epix has until November 10 to regain compliance with at least a $50 million market value for its common stock for at least 10 consecutive business days to prevent Nasdaq issuing a notification of delisting from the Nasdaq Global Market.

In September, Epix (Nasdaq: EPIX) announced its receipt of a $500,000 milestone payment from the Cystic Fibrosis Foundation Therapeutics Inc. The company is investigating treatments that target the transmembrane conductance regulator ion channel for the treatment of Cystic Fibrosis.

Epix reported in August that it has entered into a $50 million financing agreement with Kingsbridge Capital Ltd., a London-based investment group that has committed to provide up to $50 million during the next three years through the purchase of newly issued shares of Epix common stock.

Also that month, Epix revealed that it had begun a Phase 2b right-heart catheterization study of its PRX-08066 treatment for chronic obstructive pulmonary disease (COPD) and pulmonary hypertension (PH).

Epix, founded in 1988 as Metacorp Inc., is a biopharmaceutical company focused on therapeutics through the use of an in silico drug discovery platform. The company reported a net loss of $62.8 million on revenue of $14.96 million in 2007.