Struggling Epix Pharma Exploring Strategic Alternatives
Tue, 05/12/2009 - 4:49am
LEXINGTON, Mass. (AP) — A struggling Massachusetts biotechnology firm says it's exploring a number of strategic options, including a possible sale or a merger. Epix Pharmaceuticals Inc. said Monday without an infusion of cash it might not be able to fund operations beyond August. The Lexington-based company says it has hired the firms JPMorgan and Canaccord Adams to assist its board in finding strategic or financial alternatives. Epix said last month it might be forced to file for bankruptcy if it was unable to restructure its debt. Since then, the company has been able to raise $17 million by allowing holders of convertible senior notes to trade in their notes. Epix is developing an Alzheimer's disease drug in conjunction with British drugmaker GlaxoSmithKline PLC.