Schering exercises option with EPIX to develop preclinical gadofluorine derivative

By Lisa Kerner

Erie, Pa., Feb. 10 - EPIX Pharmaceuticals, Inc. said that Schering AG, its development and marketing partner, has exercised its option for a novel gadofluorine derivative, discovered as part of the joint EPIX-Schering research program.

This previously undisclosed product candidate is intended for use in the diagnosis of atherosclerosis and other vascular diseases, according to a company news release.

"Both companies contributed significantly to the development of this product, and Schering's decision to take this product forward into the clinic is a ratification of the joint team's fine work," EPIX interim chief executive officer Michael Astrue said in the release.

Schering now will take over the development of the product candidate. There are no milestone payments associated with the option exercise; however, EPIX will receive royalties on product sales if Schering successfully develops the product and it is appropriately approved.

The gadofluorine derivative research program is part of a broader joint research program between the two companies which will expire in May. Parts of this agreement were terminated in the fourth quarter of 2005, and, as the agreement winds down, neither party is intending to ask for renewal.

The research agreement is separate from the EPIX-Schering agreement relating to EPIX' two lead products, Vasovist and EP-2104R, which remains unaffected.

EPIX, based in Cambridge, Mass., develops innovative pharmaceuticals for magnetic resonance imaging.

Schering is a research-based pharmaceutical company located in Berlin, Germany.

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