Epix secures equity financing

MRI contrast developer Epix Pharmaceuticals has secured $50 million in financing from a private investment group, the Lexington, MA-based company said.

Kingsbridge Capital has committed to providing up to $50 million of capital during the next three years through the purchase of newly issued shares of Epix common stock. The maximum number of shares that can be sold by Epix under the deal is approximately 8.3 million.

Epix plans to use the financing for development of clinical initiatives for its Vasovist blood-pool MRI contrast agent, the company said.

Related Reading

Epix CEO resigns, July 28, 2008

Epix wins South Korean approval of Vasovist, July 10, 2008

Epix resubmits Vasovist NDA, July 1, 2008

Epix president resigns, May 29, 2008

Epix to resubmit NDA for Vasovist, April 24, 2008

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