Exhibit 99.1
     
(EPIX PHARMACEUTICALS LOGO)   NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACTS:
Kim C. Drapkin, Chief Financial Officer, EPIX
(781) 761-7602
Jennifer Beugelmans, Pure Communications
(646) 596-7473
EPIX Pharmaceuticals Announces Fourth Quarter and Full Year 2008 Financial Results
Company Announces Reduction In Force and Updates Cash Burn Guidance
Conference Call to be Held Today at 11:00 a.m. EDT
LEXINGTON, Mass — March 12, 2009—
EPIX Pharmaceuticals, Inc. (NASDAQ:EPIX) a biopharmaceutical company focused on discovering and developing novel therapeutics through the use of its proprietary and highly efficient in silico drug discovery platform today reported financial results for the fourth quarter and full year ended December 31, 2008.
“Our key priority is improving the financial health of EPIX,” said Elkan Gamzu, Ph.D., president and chief executive officer of EPIX. “Although 2008 was a challenging year for EPIX and to date, 2009 has been as well, we continued to make progress toward executing our long-term growth strategy focused on utilizing our in silico drug technology platform as the basis to discover and develop novel therapeutics. From a clinical development perspective, during the past year, we successfully initiated Phase 2b trials for PRX-08066 in patients with chronic obstructive pulmonary disease and for PRX-03140 focused on patients with Alzheimer’s disease. In our preclinical programs, we achieved several milestones with our partners GlaxoSmithKline (GSK) and Cystic Fibrosis Foundation Therapeutics (CFFT), which were revenue-generating events and, in the case of CFFT, led to the expansion of our collaboration. In addition, we successfully achieved U.S. Food and Drug Administration (FDA) approval for Vasovist® (gadofosveset trisodium), our novel blood pool magnetic resonance angiography (MRA) agent. This approval positions the company to pursue a potential monetization strategy for Vasovist. We continue to seek to obtain capital and to advance other components of our overall strategy, including moving our Phase 2b program for PRX-03140 forward.”
Reduction In Force
EPIX announced today that it is further reducing its cost structure by reducing its workforce by approximately 50%, effective immediately. The company plans to maintain the narrowed research and development focus it established in late 2008 which includes its lead clinical program, PRX-03140 being developed for the treatment of Alzheimer’s disease, its partnered preclinical programs with GlaxoSmithKline and Cystic Fibrosis Therapeutics and PRX-08066 being developed for

 


The following information was filed by Epix Pharmaceuticals, Inc. on Thursday, March 12, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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