Epix may seek court protection
LEXINGTON - Biotechnology company Epix Pharmaceuticals Inc. said yesterday it may have to file for bankruptcy protection if it is unable to restructure its debts.
The company also offered to pay off some of its debts with a combination of cash and stock, and sold some of the marketing rights to a vascular imaging agent for $28 million.
Last month, the company said an independent auditing firm expressed concerns about its ability to remain in business. A few weeks earlier, the company said it would cut its workforce in half and narrow its research and development strategy.
Epix shares fell 10 cents, or 22 percent, to close at 36 cents yesterday.
Epix sold the US, Canadian, and Australian rights to MS-325 to Lantheus Medical Imaging of North Billerica