Epix Pharmaceuticals Inc. (Nasdaq:EPIX) today announced that it has begun Phase IIb clinical trials of its Alzheimer's treatment and earned a milestone payment from GlaxoSmithKline plc (NYSE; LSE: GSK). The company also published its financial report for the first quarter of 2008.
The trial involves Epix's PRX-03140, its novel 5-HT4 agonist, in combination with donepezil (Aricept). The company will receive $7.5 million from GlaxoSmithKline with the start of the clinical trial. The trial is in two parts: the proof-of-concept program consists of two clinical trials - a six-month trial to evaluate PRX-03140 in combination with donepezil, and a three-month trial studying the drug as monotherapy. The monotherapy trial is scheduled begin later in the second quarter.
Epix CEO Dr. Michael Kauffman said, “This Phase IIb program follows the encouraging results seen in our Phase 2a trial, in which monotherapy treatment with PRX-03140 resulted in a statistically significant change from baseline as well as from placebo on the ADAS-Cog score."
As for the first quarter results, Epix narrowed its loss and increased its revenue. The company posted $2.4 million revenue, up from $2 million for the corresponding quarter of 2007, while the net loss fell to $13.7 million from $19.5 million. Most revenue is research funding from the company's partners. R&D spending declined to $12.7 million from $13.5 million. The company's cash and cash equivalents fell to $46.7 million at the end of March from $61.1 million at the end of 2007.
Epix reiterated its guidance for 2008. The company predicts a loss of $45-50 million on $25-30 million revenue.
Kauffman noted, “While we were disappointed in the overall results observed in our PRX-00023 Phase IIb trial for a major depressive disorder, we made progress in several of our other clinical and preclinical programs during the first quarter of 2008."
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008