EPIX Pharmaceuticals Management Team to Ring NASDAQ Stock Market Closing Bell; Company to Host Investor Call and Webcast

EPIX Pharmaceuticals (NASDAQ: EPIXD) announced that
chief executive officer Michael G. Kauffman, M.D., Ph.D. and other
members of management are scheduled to commemorate the company's
recent merger with Predix Pharmaceuticals by ringing the NASDAQ Stock
Market closing bell on Tuesday, August 22, 2006 at 4:00 p.m. ET in New
York City.
   "This is an excellent forum to celebrate the recent combination of
EPIX and Predix," said Dr. Kauffman. "We are excited about our
prospects for near-term and future growth with our novel angiographic
agent Vasovist(TM) and our five internally discovered clinical-stage
product candidates."
   "We would like to take this opportunity to thank all of our
employees, partners and shareholders for their ongoing support as we
enter the next phase of our mission to improve patients' lives by
developing products to meet significant, unmet clinical needs," stated
Andrew Uprichard, M.D., president of EPIX.

   Investor Conference Call Reminder

   EPIX has scheduled an investor conference call for August 23, 2006
at 8:00 a.m. Eastern Time to provide an overview of the combined
company and discuss its progress in key programs. The live webcast can
be accessed by visiting the investor relations section of the
Company's website at http://www.epixpharma.com. The call can be
accessed by dialing 1-800-659-1966 (domestic) or 617-614-2711
(international) five minutes prior to the start time and providing the
pass code 48005474. A replay of the call will be available on the EPIX
website approximately two hours after completion of the call and will
be archived for two weeks.

   About EPIX Pharmaceuticals

   EPIX Pharmaceuticals is a late-stage biopharmaceutical company
focused on discovering, developing and commercializing novel
pharmaceutical products through the use of proprietary technology to
better diagnose, treat and manage patients. The company has a
blood-pool imaging agent approved and marketed in Europe
(Vasovist(TM)), and five internally-discovered drug candidates
currently in clinical trials targeting conditions such as anxiety,
depression, Alzheimer's disease, cardiovascular disease and obesity.
EPIX also has collaborations with leading organizations, including
Amgen, Cystic Fibrosis Foundation Therapeutics, and Schering AG,
Germany. For more information about EPIX, please visit the company's
website at www.epixpharma.com.

   Note to Editors/Investors:

   As a result of the merger and reverse stock split, a "D" has been
added to EPIX's NASDAQ trading symbol for 20 days following the
closing of the merger on August 16, 2006.