Epix shares soar on Vasovist approval

Epix Pharmaceuticals won the FDA's approval for the imaging agent Vasovist, and investors reacted by sending the company's battered stock price soaring. Epix shares added 85 cents, to $1.17. Epix shares had been mauled back in March, when the company announced that its experimental drug for depression--PRX-00023--had failed a clinical trial.

The FDA had rejected Vasovist for use in diagnosing vascular disease back in 2006, but gave its OK on Monday to use the agent to evaluate aortoiliac occlusive disease in adults with known or suspected peripheral vascular disease.

"Our strategy remains to monetize this asset and we believe these characteristics and market dynamics make Vasovist an appealing opportunity for a company interested in building or augmenting its competitive position in the imaging market," Epix's Interim Chief Executive Elkan Gamzu said.

- read the report from the AP

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