Epix's Q2 results show boosted revenues

By AuntMinnie.com staff writers

August 7, 2008 -- 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.

Epix secures equity financing, August 5, 2008

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

Copyright © 2008 AuntMinnie.com


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