Monday, February 9, 2009

Nasdaq to Epix: Delisting deadline is May

By Mass High Tech staff

Biopharmaceutical company Epix Pharmaceuticals Inc. says that it has been given a stay from delisting from the Nasdaq Global Market so that it can regain compliance with the market’s rules.

Lexington-based Epix (Nasdaq: Epix) received notice from Nasdaq officials that its request for continued listing would be granted as long as Epix shows by May 11 that it has a shareholders’ equity of at least $10 million or a minimum market value of listed securities of $50 million. Epix officials said the company is working to comply with the terms of Nasdaq decision, but said it couldn’t provide assurance that it would be able to do so.

In December, Epix won approval from the U.S. Food and Drug Administration for its lead product Vasovist Injection (gadofosveset trisodium). According to the FDA, this is the first contrast imaging agent approved to be used on patients undergoing MRA (magnetic resonance angiography). An MRA is a minimally invasive scan for examining blood vessels and uses MRI technology. Vasovist is designed to help doctors see possible blood-vessel problems on the scan.

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.