EPIX Pharmaceuticals holders may put back 3% convertibles on Aug. 5

By Jennifer Chiou

New York, June 3 - EPIX Pharmaceuticals, Inc. said that holders of its 3% convertible senior notes due 2024 may put back their notes to the company on Aug. 5.

Holders of the remaining $3.2 million of notes have the right to put back the notes at par plus accrued interest.

The company's common stock was delisted from Nasdaq on May 14, causing a designated event allowing holders to put back their notes.

The current conversion rate is 22.39 shares per $1,000 principal amount. Conversion rights will terminate on Aug. 4. EPIX shares closed at $0.20 each on Wednesday.

Following an exchange offer that began on April 7 and ended on May 4, the company retired $96.8 million of the original $100 million of notes.

The company had previously warned that it would be forced to file for bankruptcy if it were unable to restructure its obligations under the convertibles.

Holders must submit their puts to U.S. Bank NA, the trustee, by 10 a.m. ET on Aug. 5.

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

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