EPIX Pharma scores $50M in financing

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EPIX Pharmaceuticals, a biopharmaceutical company, has entered into a committed equity financing facility (CEFF) with Kingsbridge Capital, a private investment group.

Under the terms of the agreement, Kingsbridge has committed to provide up to $50 million of capital during the next three years through the purchase of newly issued shares of EPIX common stock, according to the Lexington, Mass.-based company.

The agreement also stipulates that the maximum number of shares that EPIX can sell is approximately 8.3 million.

The company will determine the exact timing and amount of any CEFF financings, subject to certain conditions. The actual amount of funds that can be raised under the agreement will be dependent on the number of shares sold under the agreement, and the market value of EPIX stock during the pricing periods of each sale.

“We will be able to draw down capital to efficiently support our corporate and clinical initiatives. We have recently resubmitted our new drug application for Vasovist, initiated our Phase 2b proof-of-concept program for PRX-03140 for the treatment of Alzheimer's disease and expect to commence our Phase 2b trial for PRX-08066 for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease,” said Kim C. Drapkin, chief financial officer of EPIX.