New Issue: EPIX negotiates $16.3 million private placement of stock

By LLuvia Mares

New York, Nov. 12 - EPIX Pharmaceuticals announced Monday it plans to raise a $16.3 million private placement of stock.

The company will sell 5.2 million shares at $3.10 each to a group of institutional investors. No warrants were attached in the deal.

The transaction is expected to close Nov. 15.

Proceeds will be used to finance ongoing clinical trials, advance research and development activities and for general corporate purposes.

Lexington, Mass.-based EPIX is a biopharmaceutical company.

Issuer: EPIX Pharmaceuticals

Issue: Stock

Amount: $16.3 million

Shares: 5.2 million

Price: $3.10

Warrants: No

Announcement date: Nov. 12

Closing date: Nov. 15

Stock symbol: Nasdaq: EPIX

Stock price: $3.75 at close Nov. 9

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