Epix Pharmaceuticals, a contrast agent developer, has entered into definitive agreements with institutional and accredited investors for the private placement of about 5.2 million shares of its common stock for expected gross proceeds of approximately $16.3 million, before payment of placement agent commissions and offering expenses.

The Lexington, Mass.-based Epix expects to use the proceeds to finance ongoing clinical trials, advance its research and development activities, as well as fund general corporate operations.

The transactions are expected to close on Nov. 15, and are subject to customary closing conditions.