EPIX Pharmaceuticals Announces FDA Approval of a Physician-Sponsored IND for Fourth 6-month Open Label Extension of PRX-03140 for Alzheimer's Disease Patient

EPIX Pharmaceuticals Announces FDA Approval of a Physician-Sponsored IND for
Fourth 6-month Open Label Extension of PRX-03140 for Alzheimer's Disease
Patient

WELLESLEY Hills, Mass., Oct. 16 /PRNewswire/ -- The FDA has approved a
Physician-Sponsored IND and continuation of the fourth 6-month open label
extension of PRX-03140, a novel 5HT4 partial agonist for the potential
treatment of Alzheimer's Disease. The patient was enrolled initially in a two
week Phase 2a study in August 2007 where she received 100 mg per day of
PRX-03140 in combination with her normal daily dose of Aricept(®)(10 mg).
Based on the marked progress during the original two week study, the patient's
daughter sought continued compassionate use of PRX-03140 for her mother and a
protocol was submitted to the FDA and approved. The progress seen in the
first 2-week study has continued during the past two years (19 months of
dosing) and four FDA approved 6-month open label extensions. The latest open
label extension will be administered under a new Physician-Sponsored IND under
the supervision of Dr. Lucy Hornstein(1). "When I was approached by the
patient's daughter to continue the compassionate use therapy of PRX-03140 for
her mother, I was compelled by the progress her mother had experienced and the
overall apparent safety of the drug," notes Dr. Hornstein.

On July 20, 2009, EPIX Pharmaceuticals, Inc. (the "Company") entered into an
Assignment for the Benefit of Creditors (the "Assignment") in accordance with
Massachusetts law. The purpose of the Assignment is to conclude the Company's
operations and provide for an orderly liquidation of its assets. The
Assignment is a common law business liquidation mechanism under Massachusetts
law that is an alternative to a formal bankruptcy proceeding. Under the terms
of the Assignment, the Company transferred all of its assets to an assignee
for orderly liquidation and distribution of the proceeds to the Company's
creditors. The designated assignee for the Company is Joseph F. Finn, Jr. at
Finn, Warnke & Gayton, 167 Worcester Street, Suite 201, Wellesley Hills, MA
02481.

The PRX-03140 program will be sold at auction on Wednesday, October 21 at 3 pm
EDT. Please contact Joseph F. Finn, Jr. at 781-237-8840 if you are interested
in participating in the auction.

(1) Lucy Hornstein, M.D. is a private practice physician in Valley Forge, PA.
She is the author of a recently released book, "Declarations of a Dinosaur: 10
Laws I've Learned as a Family Doctor" by Kaplan Publishing.

SOURCE Joseph F. Finn, Jr., C.P.A.

Joseph F. Finn, Jr. of Finn, Warnke & Gayton, +1-781-237-8840