| Company: | EPIX Pharmaceuticals |
| Ticker Symbol: | NASD: EPIX |
| Class Period: | July 10, 2003 to January 14, 2005 |
| Date Filed: | Jan-28-05 |
| Lead Plaintiff Deadline: | Mar-28-05 |
| Court: | District, MA |
| Allegations: |
A class action has been filed in the United States District Court for the District of
Massachusetts on behalf of all persons who purchased the publicly traded
securities of EPIX Pharmaceuticals (Nasdaq: EPIX) ("EPIX") between July 10,
2003 and January 14, 2005, inclusive (the "Class Period").
The Complaint alleges that EPIX, a developer of targeted contrast agents designed to improve the diagnostic quality of images produced by magnetic resonance imaging ("MRI"), and certain of its officers and directors concealed clinical quality issues with the underlying data for their MS-325 Phase III program. MS-325 is designed to provide visual imaging of the vascular system through a type of MRI known as magnetic resonance angiography. These issues made difficult, if not impossible, the proper control of their clinical test results and statistical analysis of the data and results. On December 16, 2003, defendants announced the submission of their New Drug Application ("NDA") for MS-325. Defendants continued to conceal the serious problems with their clinical program, specifically the poor quality of the underlying clinical data and problems with the statistical analysis. Defendants instead made positive and encouraging remarks about their "extensive scientific and clinical development" activities and prospects for product approval.
On January 14, 2005, EPIX reported that the FDA had determined that problems with the Phase III clinical trials for MS-325 were so serious that it was impossible for them to come to a conclusion about its efficacy. Worse, the FDA noted problems with the underlying data itself, problems that could not be resolved simply on the basis of re-analysis of the data. On this news, the price of EPIX stock plunged 27%, to close at $10.67.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that EPIX, a developer of targeted contrast agents designed to improve the diagnostic quality of images produced by magnetic resonance imaging ("MRI"), and certain of its officers and directors concealed clinical quality issues with the underlying data for their MS-325 Phase III program. MS-325 is designed to provide visual imaging of the vascular system through a type of MRI known as magnetic resonance angiography. These issues made difficult, if not impossible, the proper control of their clinical test results and statistical analysis of the data and results. On December 16, 2003, defendants announced the submission of their New Drug Application ("NDA") for MS-325. Defendants continued to conceal the serious problems with their clinical program, specifically the poor quality of the underlying clinical data and problems with the statistical analysis. Defendants instead made positive and encouraging remarks about their "extensive scientific and clinical development" activities and prospects for product approval.
On January 14, 2005, EPIX reported that the FDA had determined that problems with the Phase III clinical trials for MS-325 were so serious that it was impossible for them to come to a conclusion about its efficacy. Worse, the FDA noted problems with the underlying data itself, problems that could not be resolved simply on the basis of re-analysis of the data. On this news, the price of EPIX stock plunged 27%, to close at $10.67.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
