EPIS raises $16.3M in private financing

Massachusetts, USA-based EPIX Pharmaceuticals has entered into definitive agreements with institutional and accredited investors with respect to the private placement of apround 5.2 million shares of its common stock at a purchase price of $3.10 per share for expected gross proceeds of some $16.3 million before payment of placement agent commissions and offering expenses.

EPIX expects to use the proceeds to finance ongoing clinical trials, advance its R&D activities and fund general corporate operations. Closing is expected to occur on or about November 15, subject to customary closing conditions.