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news.Epix Pharmaceuticals has entered into definitive agreements with institutional and accredited investors with respect to the private placement of approximately 5.2 million shares of its common stock.
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Epix said that the purchase price would be at $3.10 per share for expected gross proceeds of approximately $16.3 million before payment of placement agent commissions and offering expenses.
Epix expects to utilize 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, 2007, subject to customary closing conditions.
The shares were offered and sold only to institutional and accredited investors. Epix has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued in the private placement.