LEXINGTON, Mass.--(BUSINESS WIRE)--EPIX Pharmaceuticals, Inc. announced today that, in light of the company’s lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law (the “Assignment”). The purpose of the Assignment is to conclude the Company’s operations and provide for an orderly liquidation of its assets. The Company previously disclosed that it had sufficient cash to fund its operations only through August 2009, and the Company had been seeking a strategic alternative, including a financing, recapitalization, sale or disposition of one or more corporate assets, a potential merger and/or a strategic business combination, with various third parties for several months.
