Epix Surrenders Battle to Keep Alzheimer's Program Afloat

Even as they were announcing their FDA Approval of a Physician-Sponsored IND for Fourth 6-month Open Label Extension of PRX-03140 for Alzheimer's Disease Patients, EPIX Pharmaceuticals, Inc. (OTC:EPIX) plans quietly to wind down operations after a hard fought battle to keep the company afloat.

The Lexington, Mass.-based company’s officials said Epix was unable to raise enough money or enter into a partnership in time to remain a going concern. Months ago, it had filed paperwork to provide for an orderly liquidation of its assets.

Back in late July, EPIX Pharmaceuticals entered into an Assignment for the Benefit of Creditors in accordance with Massachusetts state law. The purpose of the Assignment is to conclude their operations and provide for an orderly liquidation of all of its assets.

The Assignment is a common law business liquidation mechanism under Massachusetts law and is an alternative to a formal bankruptcy proceeding.

Under the terms of the Assignment, the Company transferred all of its assets to an assignee for orderly liquidation and distribution of the proceeds to the Company's creditors.

The PRX-03140 program which received the FDA approval will be sold at auction on Wednesday, October 21 at 3 pm. EDT.

Comments

[wilrobinsun:]

I made a nice profitable trade in EPIX, but I have no position now. But I must comment on this "article." How is this nothing more than a restatement of the company's website www.epixpharma.com/ ? Where is the analytical value? What is the author's contribution, the headline?

If the author is a co-founder of BioMedReports, can I expect a higher standard?

Oct 19 05:15 PM

[wilrobinsun:]

I made a nice profitable trade in EPIX, but I have no position now. But I must comment on this "article." How is this nothing more than a restatement of the company's website? Where is the analytical value? What is the author's contribution, the headline?

If the author is a co-founder of BioMedReports, can I expect a higher standard?

Oct 19 05:16 PM

[mypetgoat:]

Do you have any idea why the 10x bounce in price recently? Your article really did not offer much more insight than is already on the company website.

Oct 20 01:11 PM

[Robert0713:]

It's on SA as a way to provide a centralized news source for those not following on an hour by hour basis. Whether that's worth reading is up to you.


On Oct 19 05:16 PM wilrobinsun wrote:

> I made a nice profitable trade in EPIX, but I have no position now.
> But I must comment on this "article." How is this nothing more than
> a restatement of the company's website? Where is the analytical
> value? What is the author's contribution, the headline?
>
> If the author is a co-founder of BioMedReports, can I expect a higher
> standard?

Oct 22 12:15 PM