Epix shares plunge to all-time low

Epix Pharmaceuticals Inc. shares have shed about half their value and are trading at all-time lows after the company stopped development of an experimental depression treatment.

The Lexington company said its PRX-00023 was not effective in a midstage trial against clinical depression. In September, tests showed the drug was no better than a placebo at treating anxiety.

The stock plunged $1.57, or 51 percent, to $1.51 in afternoon trading on the Nasdaq Stock Market, bottoming at $1.48.

Epix shares began trading in March 1997, and had ranged between $2.63 and $7.28 over the past year.

Cowen and Co. analyst Ian Sanderson said the previous trial gave investors reason to hope that PRX-00023 would work as a depression treatment, which built up expectations. (AP)