LEXINGTON, Mass.--(BUSINESS WIRE)--EPIX Pharmaceuticals, Inc. (NASDAQ:EPIX) today announced that in connection with its ongoing review of the company’s past stock option practices (covering periods which pre-date the merger between Predix and EPIX, which closed in August 2006) the Company, together with the Audit Committee of the Board of Directors, has concluded that it will need to restate historical financial statements to record additional non-cash charges for stock-based compensation expense related to past option grants because the appropriate measurement dates for financial accounting purposes of certain stock option grants differ from the recorded grant dates of those awards. Accordingly, pending the conclusion of the ongoing review, the financial statements and related notes and financial data for all prior periods, including all annual and interim periods included in the Company’s most recently filed 10-K and most recently filed 10-Q, as well as all earnings releases, press releases and similar communications issued by the Company related to those financial statements should no longer be relied upon. The Company has not yet determined the aggregate amount of additional non-cash charges for stock-based compensation expense, nor has it determined the resulting tax impact, if any, or which specific periods require restatement.
