LOS ANGELES, March 2, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") consisting all persons or entities who purchased or otherwise acquired securities of EPIX Pharmaceuticals, Inc. (f/k/a EPIX Medical, Inc.) ("EPIX" or the "Company") (NYSE: EPIX) between July 10, 2003 and January 14, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges EPIX, Michael D. Webb, Peyton J. Marshall and Andrew Uprichard with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations concerning the Company's prospects artificially inflated the Company's stock price, inflicting damages on investors. EPIX is a developer of targeted contrast agents designed to improve the diagnostic quality of images produced by magnetic resonance imaging. The Complaint alleges that during the Class Period defendants misrepresented material adverse facts concerning the likelihood of U.S. Food and Drug Administration (FDA) approval for MS 325 (gadofosveset trisodium), the Company's principal product in development. Defendants knowingly or recklessly failed to disclose that: (a) non-contrast magnetic resonance angiography comparator scans used in Phase III clinical trials varied significantly, which caused the efficacy of MS-325 to be compromised; (b) the Phase III trials generated a large number of uninterpretable images, which too caused the efficacy of MS-325 to be compromised; (c) the problems described above resulted in varying and questionable statistical treatment of the images seen during the Phase III trials; and (d) as result of the above, FDA approval for MS-325's New Drug Application (NDA) was highly unlikely.
On January 14, 2005, EPIX announced that the FDA had completed its review of the NDA for MS-325, and found it to be approvable. However, the FDA also requested additional clinical studies to demonstrate MS-325's efficacy prior to approval. This news shocked the market and, as a result, EPIX shares fell $3.98 per share or 27.17 percent, to close at $10.67 per share, on unusually high trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than March 28, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca.