EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX) announced that Sharon Shacham, Ph.D., vice president of drug development of EPIX, will present "PRX-03140, A Novel and Selective 5-HT4 Agonist for the Treatment of Alzheimer's Disease" at CBI's Alzheimer's Drug Development Summit on Friday, November 30, 2007 at 11:00AM EST in Arlington, Virginia.

This presentation will focus on clinical progress to date for PRX-03140, the company's novel, highly selective, small-molecule agonist of a specific GPCR known as 5-HT4 for the treatment of Alzheimer's disease. EPIX has completed two Phase 1 trials in healthy adults and elderly volunteers as well as a Phase 1b study in patients with Alzheimer's disease. Currently in a Phase 2a clinical trial as a single agent and in combination with Aricept(R) in patients with mild Alzheimer's disease, PRX-03140 is one of the GPCR programs included in the worldwide multi-target strategic collaboration between EPIX and GlaxoSmithKline. EPIX recently completed enrollment of this Phase 2a trial and reaffirmed that it is on track to announce the findings of this study by the end of 2007.

About PRX-03140

PRX-03140 is EPIX's second of four clinical drug candidates discovered utilizing its proprietary computer-based G-Protein Coupled Receptors (GPCR) models and optimized with integrated computational-medicinal chemistry. PRX-03140 is selective for the 5-HT4 receptor in the brain, and preclinical studies have shown that it improves cognitive function, as well as increases levels of acetylcholine, soluble amyloid precursor protein (sAPP) and brain-derived neurotrophic factor (BDNF) in regions of the brain known to be important for memory.

About Alzheimer's Disease

Alzheimer's disease is a debilitating neurodegenerative disorder characterized by progressive loss of memory and cognitive function, affecting 4.5 million Americans according to the Alzheimer's Association, and more than 9 million worldwide according to the Alzheimer's Disease International Association. The U.S. National Institute of Aging estimates that about 5 percent of the population aged 65-74 and as many as 50 percent of those over age 85 have the disease. The global market for Alzheimer's disease drugs is growing rapidly, from $3 billion in 2004 to nearly $7 billion expected in 2010, as estimated by Espicom.

About EPIX

EPIX Pharmaceuticals is a biopharmaceutical company focused on discovering and developing 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. EPIX also has collaborations with leading organizations, including GlaxoSmithKline, Amgen, Cystic Fibrosis Foundation Therapeutics and Bayer Schering Pharma AG, Germany. For more information, please visit the company's website at http://www.epixpharma.com.

This news release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current expectations of management. These statements relate to, among other things, our expectations regarding the progress of our clinical development program and timing of the results of our clinical trials, and the timing and content of corporate presentations.

These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that product candidates maybe delayed or fail in the clinic; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; failure to obtain the financial resources to complete development of product candidates; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional information regarding these and other risks that we face, see the disclosure contained in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

EPIX Pharmaceuticals, Inc.