LEXINGTON, Mass., Dec. 12 /PRNewswire-FirstCall/ -- EPIX Pharmaceuticals, Inc. today announced that the company's board of directors has created a special board committee of independent directors to conduct a review of past stock option practices at the company. The committee of independent directors has retained outside legal counsel to assist in this matter.
The company stated that this review was initiated on Friday, December 8, 2006 in response to a media inquiry it received on that same day. That inquiry included assertions relating to the exercise of stock options during and prior to 2002, by a former chief executive officer of the company, who left the company in 2005.
About EPIX Pharmaceuticals
EPIX Pharmaceuticals is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products through the use of proprietary technology to better diagnose, treat and manage patients. The company has a blood-pool imaging agent approved and marketed in Europe (Vasovist(TM)), and five internally-discovered therapeutic and imaging drug candidates currently in clinical trials targeting conditions such as depression, Alzheimer's disease, cardiovascular disease and obesity. These drug candidates include EP-2104R, a novel thrombus imaging agent which has completed a Phase 2a trial, PRX-08066 in Phase 2 clinical development for pulmonary hypertension associated with chronic obstructive pulmonary disease, PRX-03140 which is in a Phase 2a clinical trial in Alzheimer's disease, and PRX-07034, which is in Phase 1 clinical development for the treatment of obesity and cognitive impairment. EPIX also has collaborations with leading organizations, including Amgen, Cystic Fibrosis Foundation Therapeutics, and Schering AG (Germany). For more information about EPIX, please visit the company's website at http://www.epixpharma.com.
This news release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations of management. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward- looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional information regarding these and other risks that we face, see the disclosure contained in our filings with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q.
CONTACT: Kim C. Drapkin, Chief Financial Officer, EPIX 781-761-7602 Paul Andrew, Weber Shandwick 617-520-7121
EPIX Pharmaceuticals, Inc.CONTACT: Kim C. Drapkin, Chief Financial Officer of EPIX, +1-781-761-7602;or Paul Andrew of Weber Shandwick, +1-617-520-7121
