MRI contrast developer Epix Pharmaceuticals of Lexington, MA, reported lower revenues for the fourth quarter of 2008, but higher overall revenues for the fiscal year.
The firm had revenues of $3.8 million in the fourth quarter (end-December 31), a 35% decrease compared to $5.9 million in the fourth quarter of 2007. But for the year, the company booked revenues of $28.6 million, a 46% increase compared to the $15 million in revenues it posted for the prior fiscal year.
The company's fourth quarter of fiscal 2008 saw a net loss of $10.4 million, compared with a net loss of $12.3 million for the same period in 2007. Net losses for the fiscal year were $36.7 million, compared with net losses of $62.8 million in fiscal 2007.
The company plans to reduce its workforce by 50%, effective immediately. Epix estimates that this staff cut will result in a decrease to its annual salary and benefits costs of approximately $4.4 million. Combined with an earlier reduction in force in October 2008, the company expects a total decrease in costs of $7.4 million.
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Epix taps new CEO, March 5, 2009
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Epix to retain Nasdaq listing, February 9, 2009
Epix gets FDA OK for Vasovist, December 23, 2008
Epix reduces its workforce, October 23, 2008
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