WELLESLEY HILLS, Massachusetts, July 22 --

Joseph F. Finn, Jr., C.P.A. (Finn), announced today that assets of EPIX
Pharmaceuticals, Inc. (EPIX) have been assigned to him for the benefit of
EPIX’s creditors.

EPIX’s products and services focus on the discovery and development of
novel therapeutics through the use of its proprietary and highly efficient in
silico drug discovery platform. The company has a pipeline of
internally-discovered drug candidates currently in clinical development to treat
diseases of the central nervous system and lung conditions. In addition, EPIX
has several programs related to its MRI imaging business, including a commercial
MRI imaging drug in Europe, (MS-325), formerly marketed as Vasorist(R),
gadofosveset trisodium, by Bayer Schering Pharma.) EPIX also has collaborations
with several leading pharmaceutical and research foundations.

The intellectual property, regulatory dossier, fixed assets and clinical
inventory will be sold at auction, the time and date of which will be announced
within a week.

Persons interested in bidding must sign a Confidentiality Disclosure Agreement
(CDA) obtained from Finn’s Office - jffinnjr@earthlink.net or
+1-781-237-8840. They will then receive a bid package.

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

Joseph F. Finn, Jr., C.P.A. is the founding partner of the firm, Finn, Warnke
Gayton, Certified Public Accountants of Wellesley Hills, Massachusetts. He works
primarily in the area of management consulting for distressed enterprises,
bankruptcy accounting and related matters, such as assignee for the benefit of
creditors and liquidating agent for a corporation. He has been involved in a
number of loan workouts and bankruptcy cases for thirty-five (35) years. His
most recent Assignments for the Benefit of Creditors in the biotech field
include Spherics, Inc., ActivBiotics, Inc. and Prospect Therapeutics, Inc.

For further information, please contact Joseph F. Finn, Jr., C.P.A. at
+1-781-237-8840 or jffinnjr@earthlink.net

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

Joseph F. Finn, Jr., C.P.A., +1-781-237-8840, jffinnjr@earthlink.net