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Epix Pharmaceuticals Inc. reports it is being de-listed from the Nasdaq Stock Market today.
The Lexington-based biopharmaceutical company is developing a silico-based drug discovery platform. Epix cited as reasons its failure to demonstrate a $35 million market value of listed shares for its common stock for 10 consecutive trading days. Nor could Epix comply with alternate listing criteria -- which includes having shareholders’ equity of at least $2.5 million.
The company plans to trade its common stock using the Over-the-Counter Bulletin Board, an electronic quotation service maintained by the Financial Industry Regulatory Authority. Epix will trade under the symbol EPIX.OB.
The de-listing comes after Epix last month attempted to raise money by selling U.S., Canadian and Australian rights to MS-325, a blood pool magnetic resonance angiography agent, for $28 million to North Billerica-based Lantheus Medical Imaging Inc. The MS-325 drug is sold as Vasovist by Bayer Schering Pharma; the transaction required Epix to pay $10.5 million to Bayer in order to meet U.S., Canadian and Australian development costs. Epix last month also announced it had begun an exchange offer for $100 million in convertible senior notes.
Epix also has collaborations with leading organizations, including GlaxoSmithKline Cystic Fibrosis Foundation Therapeutics.
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