FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Schor Chen   2. Issuer Name and Ticker or Trading Symbol EPIX Pharmaceuticals, Inc. [EPIX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Business Officer (Last) (First) (Middle) C/O EPIX PHARMACEUTICALS, INC., 4 MAGUIRE ROAD 3. Date of Earliest Transaction (Month/Day/Year) 02/05/2007 (Street) LEXINGTON, MA 02421 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 6.5

02/05/2007

A

19,720

(1)

02/05/2017

Common Stock

19,720

$ 0

19,720

D

Stock Option (Right to Buy)

$ 6.5

02/05/2007

A

17,093

(2)

02/05/2017

Common Stock

17,093

$ 0

17,093

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Schor Chen C/O EPIX PHARMACEUTICALS, INC. 4 MAGUIRE ROAD LEXINGTON, MA 02421			Chief Business Officer

Signatures

/s/ Kimberlee C. Drapkin Attorney-in-Fact		02/07/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The option vests over a 3.75-year period, 2300 on May 5, 2007; 2301 on August 5, 2007; 2301 on November 5, 2007; 2300 on February 5, 2008; 2301 on May 5, 2008; 2301 on August 5, 2008; 2301 on November 5, 2008; 891 on February 5, 2009; 891 on May 5, 2009; 891 on August 5, 2009; 891 on November 5, 2009; 13 on February 5, 2010; 13 on May 5, 2010; 13 on August 5, 2010; and 12 on November 5, 2010.
(2)	The option vests over a 4-year period, 1409 on February 5, 2009; 1410 on May 5, 2009; 1410 on August 5, 2009; 1410 on November 5, 2009; 2288 on February 5, 2010; 2288 on May 5, 2010; 2288 on August 5, 2010; 2289 on November 5, 2010; and 2301 on February 5, 2011.

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