EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX), a developer of innovative pharmaceuticals for magnetic resonance imaging (MRI), today announced that its development and marketing partner, Schering AG, has exercised its option for a novel gadofluorine derivative which was discovered as part of the joint EPIX-Schering research program. This previously undisclosed product candidate is intended for use in the diagnosis of atherosclerosis and other vascular diseases. Schering now will take over the development of the product candidate. There are no milestone payments associated with the option exercise, however, if Schering successfully develops the product and it is approved by the appropriate regulatory authorities, EPIX will receive royalties on sales of the product.
