EPIX first-quarter net loss shrinks to $4.5 million, revenue declines

By Lisa Kerner

Erie, Pa., May 1 - EPIX Pharmaceuticals, Inc. reported a net loss of $4.5 million, or $0.19 per share, in the first quarter of 2006, compared with a net loss of $6.3 million, or $0.27 per share, for the first quarter of 2005.

The company had revenues of $1.7 million in the first quarter, compared with $2.1 million in the first quarter of 2005.

On March 31, EPIX had cash, cash equivalents and marketable securities totaling $118.8 million.

In addition to announcing its first-quarter 2006 financial results, EPIX noted a number of recent operating highlights including a definitive merger agreement with Predix Pharmaceuticals for Vasovist and PRX-00023 for anxiety and depression, in addition to other pipeline products.

The company completed enrollment in the phase 2a trial of EP-2104R, its thrombus-imaging agent, and completed two proof-of-concept studies for its fibrin-binding technology.

EPIX, based in Cambridge, Mass., develops pharmaceuticals for imaging used in the diagnosis, treatment and monitoring of disease.

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