Epix's Q2 results show boosted revenues

MRI contrast developer Epix Pharmaceuticals posted increased revenues due to milestone payments for the second quarter (end-June 30), the Lexington, MA-based company said.

Total revenues for the second quarter were $17.4 million, a 90% increase compared to $1.8 million for the second quarter of 2007. Of this total, milestone payments consisted of $13 million, an amount that included $7.5 million from pharmaceutical giant GlaxoSmithKline (GSK) for an Alzheimer's therapy agent in development and $5.5 million from GSK for a G protein-coupled receptor (GPCR) discovery program.

The company's net loss for the second quarter decreased, from $18 million for the corresponding period in 2007 to $2.3 million, according to Epix.

On August 5, Epix signed a financing agreement with Kingsbridge Capital, a private investment group. Kingsbridge has committed to purchasing over the next three years the lesser of up to $50 million or approximately 8.3 million newly issued shares of Epix's common stock, the company said.

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