FDA approved program headed to liquidation auction Print E-mail
By Staff and Wire Reports   
Friday, 16 October 2009 03:00

Even as they were announcing their FDA Approval of a Physician-Sponsored IND for Fourth 6-month Open Label Extension of PRX-03140 for Alzheimer's Disease Patients, EPIX Pharmaceuticals, Inc. (OTC:EPIX) plans to quietly wind down operations after a hard fought battle to keep the company afloat.

The Lexington, Mass.-based company’s officials said Epix was unable to raise enough money or enter into a partnership in time to remain a going concern. Months ago, it had filed paperwork to provide for an orderly liquidation of its assets.

Back in late July, EPIX Pharmaceuticals entered into an Assignment for the Benefit of Creditors in accordance with Massachusetts state law. The purpose of the Assignment is to conclude their operations and provide for an orderly liquidation of all of its assets.

The Assignment is a common law business liquidation mechanism under Massachusetts law that is an alternative to a formal bankruptcy proceeding.

Under the terms of the Assignment, the Company transferred all of its assets to an assignee for orderly liquidation and distribution of the proceeds to the Company's creditors.

The PRX-03140 program which received the FDA approval will be sold at auction on Wednesday, October 21 at 3 pm. EDT.


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