Epix Pharmaceuticals Inc. (Nasdaq:EPIX) is unable to overcome its financial stress. The company reiterated that it only has enough cash to keep going through August.
Epix also announced that it hired JPMorgan Chase Co. and Canaccord Adams to assist the board of directors in its evaluation of strategic alternatives and exploring financing and capital structure alternatives. These include a recapitalization, a sale or disposition of one or more corporate assets, a potential merger, or a strategic business combination.
On Tuesday, Epix's share plummeted 50% to $0.26, giving a market cap of $12 million.
Yesterday, the Nasdaq Listing Qualifications Panel announced that Epix would be delisted from the exchange, effective today, because the company is not compliance with the $35 million market cap threshold for ten consecutive trading days, or with other alternative criteria, including a shareholders’ equity of at least $2.5 million. Epix said that it will seek to trade on the Over-the-Counter Bulletin Board.
In April, Epix sold the US, Canadian and Australian rights for MS-325 (formerly marketed as Vasovist) to Lantheus Medical Imaging Inc. for $28 million, under pressure. Last December, the company valued MS-325 at $100 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009