LEXINGTON, Mass.--(BUSINESS WIRE)--EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX) today announced it has entered into definitive agreements with institutional and accredited investors with respect to the private placement of approximately 5.2 million shares of its common stock at a purchase price of $3.10 per share for expected gross proceeds of approximately $16.3 million before payment of placement agent commissions and offering expenses. EPIX expects to utilize the proceeds to finance ongoing clinical trials, advance its research and development activities and fund general corporate operations. Closing is expected to occur on or about November 15, 2007, subject to customary closing conditions.
