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                                                                    Exhibit 10.1

                                RELEASE AGREEMENT

                        Dated this 5th day of April, 2007

Between:          DR. OREN BECKER  Identity no. 056528177
                  Residing at 12 Motza Haktana Street, Mevaseret Zion, Israel
                  ("Oren Becker ")

                                                              of the first part
And between:      EPIX PHARMACEUTICALS LTD. Identity no. 512864307
                  Located at S.A.P. Building, 3 Hayetzira St., Ramat-Gan, Israel
                  ("EPIX Pharmaceuticals Ltd. / THE COMPANY")
                                                              of the second part


Whereas Oren Becker was employed by EPIX Pharmaceutical Ltd.(formerly known as
Predix Pharmaceuticals, Ltd.) as of November 1st, 2000 following an employment
agreement dated October 31st, 2000(the "EMPLOYMENT AGREEMENT"); and

Whereas, the parties have reached an agreement regarding the termination of Oren
Becker employment with the Company according to the terms and conditions
expressly provided herein, in this release agreement (the "RELEASE Agreement");
and

Whereas, the parties agree that such Release Agreement shall constitute a final
settlement between the parties in regards to Oren Becker employment and/or
termination of employment with EPIX Pharmaceuticals Ltd. thereof;

NOW, THEREFORE, it is hereby declared, covenanted and agreed between the parties
as follows:

1.       The preamble to this Release Agreement constitutes an integral part
         hereof.

2.       As of April 19th, 2007 (the "TERMINATION DATE") - Oren Becker's
         employment with the Company shall cease, and the employee-employer
         relationships and Employment Agreement with the Company shall be
         terminated.

3.       Notice period: The period commencing on February 18, 2007 and until
         Termination Date - shall be considered as a prior notice period for
         termination (the: "PRIOR NOTICE PERIOD"). During the Prior Notice
         Period the Company shall pay Oren Becker his regular salary and all
         other social benefits as prescribed under the Employment Agreement.
         Oren Becker shall not be required to report to any Company facility or
         otherwise perform services on behalf of the Company, unless otherwise
         instructed by the Company. Oren Becker agrees that during the Prior
         Notice Period, he will notify Yifat Bar at least twenty-four (24) hours
         in advance if he needs to


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         visit any Company facility or perform any services on behalf of the
         Company.

4.       Options:

         4.1.     Until Termination Date, and within 90 (Ninety) days after
                  Termination Date, Oren Becker shall be entitled to exercise
                  all of his vested options to purchase Common Stock of EPIX
                  Pharmaceuticals, Inc. which were granted to Oren Becker in
                  accordance with any and all option agreements entered into
                  between Oren Becker and the Company during Oren Becker's
                  employment with the Company (the "Options"). Options, which
                  shall vest during the period as of the date of this Release
                  Agreement and until Termination Date, may be exercised by Oren
                  Becker within 90 (Ninety) days after Termination Date. For the
                  avoidance of doubt, after such period - unexercised Options
                  will immediately expire and terminate, and thereafter, Oren
                  Becker shall no longer have any right to exercise such
                  remaining unexercised Options.

         4.2.     The following summarizes all granted Options pursuant to the
                  Predix 2003 Stock Incentive Plan and the EPIX 1992 Stock
                  Incentive Plan to purchase Common Stock of EPIX
                  Pharmaceuticals, Inc. held by Oren Becker that have not been
                  exercised as of the date of this Release Agreement and that
                  shall vest as of the Termination Date.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
GRANT DATE      GRANTED      PRICE     CURRENTLY    CURRENTLY     VESTED AS OF
                                         VESTED     UNVESTED    TERMINATION DATE
--------------------------------------------------------------------------------
<S>             <C>          <C>       <C>          <C>         <C>
8/11/2003        10,527      $2.18        7,895        2,632          7,895
--------------------------------------------------------------------------------
8/11/2003         5,045      $2.18        5,045            0          5,045
--------------------------------------------------------------------------------
4/29/2004         1,836      $2.18        1,262          574          1,262
--------------------------------------------------------------------------------
9/23/2004        95,698      $0.98       95,698            0         95,698
--------------------------------------------------------------------------------
9/23/2004        22,456      $0.98       22,456            0         22,456
--------------------------------------------------------------------------------
1/18/2005        69,549      $0.98       36,223       33,326         39,121
--------------------------------------------------------------------------------
4/28/2005        10,948      $1.74        4,334        6,614          4,790
--------------------------------------------------------------------------------
9/19/2006        35,000      $5.31        2,188       32,812          4,375
--------------------------------------------------------------------------------
</TABLE>

                  The exercise of any Options shall be subject to the terms of
                  Sections 4.1 and 5 of this Release Agreement.


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         4.3.     Except specified in this Section 4 of this Release Agreement,
                  the terms and conditions of any and all other stock option
                  agreements entered into between Oren Becker and the Company
                  during Oren Becker's employment with the Company are not
                  modified in any way and remain subject to the terms of the
                  Predix 2003 Stock Incentive Plan or the Amended and Restated
                  1992 Equity Incentive Plan, respectively, or any applicable
                  predecessor or successor plans. For the avoidance of doubt,
                  the vesting of all Options granted under the Amended and
                  Restated 1992 Equity Incentive Plan shall not be accelerated
                  hereunder and shall terminate on the Termination Date, and all
                  such unvested Options on the Termination Date shall be
                  forfeited pursuant to their terms.

5.       Acknowledgement of Prior Agreement. Oren Becker hereby acknowledges and
         declares that on or about October 31, 2000, Oren Becker and the Company
         entered into an Employment Agreement, as amended, a copy of which is
         attached as Exhibit A. Oren Becker further acknowledge and declares
         that certain obligations set forth in that Employment Agreement will
         survive the termination of his employment with the Company, including
         but not limited to the obligations set forth in Section 8 (Proprietary
         Rights and Information), Section 9 (Secrecy and Nondisclosure) and
         Section 10 (Non-Competition). Continued Compliances by Oren Becker with
         the foregoing obligations shall be a condition to the exercise of any
         Options pursuant to Section 4 above and the receipt of any payments
         pursuant to Section 6.4 below.

6.       Final accounting: Upon termination Date, the parties will prepare a
         final accounting, pursuant to which the Company shall:

         6.1.     Convey to Oren Becker a letter, addressed to Kali Insurance,
                  the insurance company, instructing that all sums accrued in
                  the managers insurance policy as a result of the Company's and
                  Oren Becker's contributions towards severance pay and
                  compensatory payments - shall be released to Oren Becker;

         6.2.     Convey to Oren Becker a letter, addressed to Kali Insurance,
                  education fund, instructing that all sums accrued in such fund
                  as a result of the Company's and Oren Becker's contributions -
                  shall be released to Oren Becker;

         6.3.     Furthermore, the Company shall redeem all utilized vacation
                  days accrued by Oren Becker - up to the Termination Date;
                  Redemption of 39.73 vacation days accumulated in the amount of
                  NIS 124,472.61.

         6.4.     In addition thereto, the Company shall pay to Oren Becker a
                  special retirement grant, in an aggregate amount of NIS
                  130,344.95 in your last salary, made up of:


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                  6.4.1.   Recreation Pay in the amount of NIS 1,601.48.

                  6.4.2.   Severance completion pay in the amount of NIS
                           128,743.47

         6.5      Additional Severance in the amount of NIS 182,597.53 to be
                  paid in your last salary.

         6.6      Approved 2006 Bonus in the amount of NIS 148,682.

7.       The Company agrees to provide information to RAMOT at Tel Aviv
         University ("RAMOT") regarding the Company's use of technology licensed
         from RAMOT in an effort to assist RAMOT in making a determination as to
         how RAMOT shall distribute certain amounts paid by the Company to RAMOT
         to certain inventors of such technology. The Company and Oren Becker
         agree that the Company has no right or authority to influence or direct
         RAMOT in determining how to distribute such funds.

8.       Notwithstanding anything to the contrary contained herein, no provision
         of this Agreement shall be construed to limit or otherwise affect any
         rights of Oren Becker to receive a pro rata portion of the remaining
         $15 million of the milestone payment on October 29, 2007 for which he
         is eligible pursuant to the terms of that certain Agreement and Plan of
         Merger, dated as of April 3, 2006, by and among the Company, EPIX
         Delaware, Inc., a wholly-owned subsidiary of the Company, and Predix
         Pharmaceuticals Holdings, Inc., as amended.

9.       It is hereby agreed, that all amounts paid to Oren Becker under this
         Release Agreement, which exceed the amounts due to Oren Becker under
         applicable law -- shall be subject to Oren Becker signing a Letter of
         Waiver and Release, in the form attached hereto as appendix A, which
         constitutes an integral part hereof, and the fulfilling of all of Oren
         Becker's obligations towards EPIX Pharmaceuticals Ltd. under the
         Release Agreement and/or the Employment Agreement, during the Notice
         Period and up to Termination Date.

10.      By signing this Release Agreement, Oren Becker, hereby acknowledges and
         declares, that the payment of the amounts pursuant to this Release
         Agreement shall forever release and discharge the Company, including
         any other entity or corporation affiliated with the Company, whether as
         a parent company, sister company, subsidiary or in any other manner
         whatsoever, from any and all claims, demands and causes of actions of
         any kind whatsoever of Oren Becker, whether direct or indirect, and
         that Oren Becker does not have and will not have at any time in the
         future any claims, demands or causes of actions of any kind whatsoever,
         whether direct or indirect, against the Company, its employees,
         officers, directors, agents, those operating on its behalf or in its
         name any/or any other entity or corporation affiliated with the
         Company, whether as a parent company,


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         sister company, subsidiary or in any other manner whatsoever
         (including, but not limited to, any claims, demands and causes of
         actions under the laws of the United States or any state thereof)

11.      In addition, by signing this Release Agreement, Oren Becker, hereby
         acknowledges and declares, that he shall not make any false,
         disparaging or derogatory statements, nor shall he disparage or
         encourage or induce others to make any false, disparaging or derogatory
         statements, to any media outlet, industry group, financial institution
         or any current or former employee, consultant, client, customer or
         competitor of the Company, regarding the Company or any of its
         directors, officers, employees, agents or representatives, or the
         Company's business affairs and financial condition, or which would
         adversely affect the Company, but not limited to: (i) the conduct of
         the business of the Company (including, without limitation, any
         business plans or prospects) or (ii) the business reputation of the
         Company. Oren Becker's undertakings under this section shall continue
         to be binding upon him, with out any limitations, also after
         Termination Date. In addition, by signing this Release Agreement, the
         Company, hereby acknowledges and declares, that officers of the Company
         shall not make any false, disparaging or derogatory statements, nor
         shall they disparage or encourage or induce others to make any false,
         disparaging or derogatory statements, to any media outlet, industry
         group, financial institution or any current or former employee,
         consultant, client, customer or competitor of the Company, regarding
         Oren Becker's performance as an employee of the Company which would
         adversely affect Oren Becker. The Company's undertakings under this
         section shall continue to be binding upon it, with out any limitations,
         also after Termination Date.

12.      Upon their signature on this Release Agreement, the parties declare and
         undertake:

         12.1.    To keep the contents and the existence of this Release
                  Agreement in complete confidence, not to reveal its contents
                  or existence to any third party and/or to make any use of this
                  Release Agreement and not to transfer it to any third party
                  other than the tax authorities, at their request, subject to
                  the requirements of confidentiality of the relevant tax laws
                  and where such disclosure is otherwise required by applicable
                  law.

         12.2.    That they have signed this Release Agreement of their own free
                  will and without any duress after they have read it and fully
                  understood its content and ramifications.



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IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED THIS RELEASE AGREEMENT AS OF THE
DATE SET FORTH ABOVE.

/s/ Oren Becker                             /s/ Michael Kauffman
-----------------------------------         -----------------------------------
Oren Becker                                 EPIX PHARMACEUTICALS LTD.

                                            by: Michael Kauffman
                                            title: Chief Executive Officer




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                          LETTER OF WAIVER AND RELEASE

I, Oren Becker (Identity no. 056528177), hereby acknowledge, declare and confirm
the following:

1.       I am signing this document of my own free will and after being made
         fully aware of all my rights. I understand that this document is a
         legally binding document that relates to rights, benefits and payments
         to which I am entitled under law. Prior to signing this document, I
         have read it carefully and I have consulted with such experts,
         including legal counsel, as I have deemed appropriate.

2.       I have received from the company, EPIX Pharmaceuticals Ltd. (the
         "COMPANY"), on or before the date hereof, all that is due to me and
         everything to which I am entitled from the Company, both in respect of
         my employment with the Company and in connection with the termination
         of my employment with the Company, including without limitation, all
         salary payments, pay in lieu of annual vacation, severance pay, full
         and regular contributions to my Managers' Insurance Policy and to my
         Keren Hishtalmut Fund, recreation pay, sick leave pay, tuition fees and
         any other sums which may be due or otherwise payable to me under
         applicable law and regulation , by virtue of any agreement or custom or
         by virtue of any other grounds.

3.       In connection with the termination of my employment with the Company, I
         have received from the Company additional payments above and beyond
         those payments to which I am entitled and which are payable to me under
         applicable law and regulation, by virtue of any agreement or custom or
         by virtue of any other grounds.

4.       I hereby release the Company, including any other entity or corporation
         affiliated with the Company, whether as a parent company, sister
         company, subsidiary or in any other manner whatsoever, from any and all
         obligations towards me arising out of or in connection with my
         employment with the Company and/or the termination of my employment
         with the Company. I do not have any claim against or demand upon the
         Company, including any other entity or corporation affiliated with the
         Company, whether as a parent company, sister company, subsidiary or in
         any other manner whatsoever. Neither I, nor any person acting in my
         name or as my representative shall in the future make any claim against
         or demand upon the Company, including any other entity or corporation
         affiliated with the Company, whether as a parent company, sister
         company, subsidiary or in any other manner whatsoever, arising out of
         or in connection with any matter related to my employment with the
         Company or the termination of my employment with the Company.


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5.       I shall not commence, participate in or voluntarily provide assistance
         in connection with any grievance, action, suit or proceeding against
         the Company before any court, administrative agency or other tribunal,
         nor shall I directly or indirectly encourage any other person to engage
         in any such activities. In the event that I am served with or otherwise
         receive a summons, subpoena or any other legal notice requiring me to
         provide assistance in connection with any grievance, action, suit or
         proceeding against the Company before any court, administrative agency
         or other tribunal, I shall notify the Company of such service or
         receipt, by sending a copy of such summons, subpoena or legal notice by
         hand delivery or by registered mail within 5 (five) days of such
         service or receipt.

6.       This document also constitutes an acknowledgment of payment and release
         in accordance with Section 29 of the Severance Pay Law.

7.       I am and shall continue to be legally bound by such of the terms and
         conditions of my Employment Agreement with the Company, which according
         to the terms of the Agreement survive the termination of my employment
         with the Company, including without limitation, all of my obligations
         of confidentiality, non-competition and development rights.

8.       I am fully aware of all of my rights and I acknowledge, declare,
         confirm and agree to all that is stated above.



/s/ Oren Becker
---------------------------------------
Oren Becker
Employee's Signature


Date: April 5, 2007
      ---------------------------------