EPIX Regains Compliance With NASDAQ, Files Form 10-K
EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX) today announced that it has been advised by the NASDAQ Listing and Hearing Review Council that it has regained compliance with listing requirements and that the company is eligible to continue to trade on the NASDAQ Global Market.
The Annual Report on Form 10-K for the fiscal year ended December 31, 2006 was delayed as a result of EPIX’s review of past stock option practices. All of the stock option grants requiring adjustment were granted during the years 1997 through 2005, which pre-dates the company’s merger with Predix.
The 10-K filed on April 10, 2007 was adjusted to reflect the restatement of the EPIX’s financial results. The adjustments did not affect previously reported revenue, cash, cash equivalents or marketable securities balances in any of the restated periods and relate exclusively to stock option practices. Since the merger with Predix, EPIX has revised its stock option grant processes and procedures and has adopted a formal, written policy for stock option awards.
About EPIX
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 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 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, PRX-00023 which is in a Phase 2b clinical trial in major depressive disorder, and PRX-07034, which is in Phase 1 clinical development for the treatment of obesity and cognitive impairment. The company also has a blood-pool imaging agent (Vasovist™) approved in 32 countries and marketed in Europe. EPIX also has collaborations with leading organizations, including GlaxoSmithKline, Amgen, Cystic Fibrosis Foundation Therapeutics, and Bayer Schering Pharma AG, Germany.