Epix to complete tender offer

AuntMinnie.com staff writers

May 4, 2009

MRI contrast developer Epix Pharmaceuticals of Lexington, MA, announced that it has nearly completed a debt swap with shareholders.

A total of $96.8 million, or approximately 97% of its 3% convertible senior notes due 2024, have been tendered in exchange for cash, shares of common stock, and contingent value rights.

In exchange for the tendered notes, Epix expects to issue a cash payment of approximately $17.4 million, approximately 32.8 million shares of common stock, and approximately 97,000 contingent value rights.

The company expects to complete the exchange this week or as soon as practicable thereafter.

Related Reading

Epix works to avoid bankruptcy, April 9, 2009

Lantheus buys Epix's MS-325 rights, April 7, 2009

Epix gets 'going concern' notice, March 26, 2009

Epix posts mixed Q4, cuts staff 50%, March 12, 2009

Epix taps new CEO, March 5, 2009

Copyright © 2009 AuntMinnie.com

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