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.
Related Reading
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
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