EPIX Pharmaceuticals stock delisted from Nasdaq; holders may put back convertibles at par

By Jennifer Chiou

New York, May 20 - EPIX Pharmaceuticals, Inc.'s common stock was delisted from Nasdaq on May 14, causing a designated event under which the company's 3% convertibles holders may put back their notes to the company, according to an 8-K filing with the Securities and Exchange Commission.

Following an exchange offer that began on April 7 and ended on May 4, the company has $3.2 million of its original $100 million of 3% convertible senior notes due 2024 outstanding. It retired the $96.8 million of the notes.

Holders of the remaining notes have the right to put back the notes at par plus accrued interest.

The company had previously warned that it would be forced to file for bankruptcy if it were unable to restructure its obligations under the convertibles.

EPIX is a Lexington, Mass.-based biopharmaceutical company.

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