Epix Pharmaceuticals: The 2009 Biotech Graveyard

Company: Epix Pharmaceuticals
Based: Lexington, MA

What went wrong: The once high-flying Epix struggled for some time to restructure $100 million in debt, but it was ultimately unsuccessful. The company's lack of capital and inability to obtain additional financing or execute a strategic transaction left it with no choice but to close shop. Epix's pipeline included experimental therapies for the central nervous system and lung conditions. Collaborations at the company include pacts with GlaxoSmithKline and Amgen.