EPIX Pharmaceuticals Inc, based in Wellesley Hills, MA, was a biopharmaceutical company that specialized in the development of innovative therapies for various medical conditions. Unfortunately, due to a lack of capital and inability to secure additional financing or strategic transactions, the company entered into an Assignment for the Benefit of Creditors, resulting in the liquidation of its assets and termination of most employees.
Despite efforts to improve its financial health, including retiring a significant amount of convertible senior notes, EPIX Pharmaceuticals was unable to secure the necessary funding to continue operations. The company's president and CEO, Dr. Elkan Gamzu, expressed disappointment in the decision and stated that there would likely be no proceeds for distribution to stockholders after the liquidation process.
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