A US-based drug company working with British pharmaceuticals giant GlaxoSmithKline to develop an Alzheimer’s treatment may be forced into bankruptcy.
Epix Pharmaceuticals says it is looking at the possibility of sale or a merger, and that it will not be able to fund operations beyond August unless a solution is found.
After announcing that it might have to file for bankruptcy if it cannot restructure its debts, the company has raised $17 million (£11.2m) by allowing holders of convertible senior notes to trade them in. Bankers JPMorgan and Canaccord Adams have been called in to look at all the options.
Copyright Press Association 2009