Epix cuts staff, focuses on lead programs

October 23, 2008 | By Maureen Martino

Citing "tough market conditions," Lexington, MA-based Epix Pharmaceuticals said it's tightening its R&D efforts to focus on its lead programs. As part of the effort, Epix will cut its workforce by about 23 percent. The company will concentrate on three programs: PRX-03140 for Alzheimer's disease, PRX-08066 for COPD and hypertension and its partnered preclinical programs with GlaxoSmithKline and Cystic Fibrosis Foundation Therapeutics. The move will decrease Epix's annual budget by $3 million, and the company will realize a reduction in future R&D spending associated with the narrowing of its research focus.

"Given the tough market conditions, the board of directors and the management team agreed that our development efforts should be focused on our lead clinical stage opportunities as well as our preclinical programs that are largely supported by our partners. We believe this strategy coupled with our potential success in monetizing Vasovist, our novel blood pool magnetic resonance angiography agent, will strengthen the foundation for future success at EPIX."

- see Epix's release