EpiCept Announces Rule 10b5-1 Trading Plans
EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) announced today that
on August 22, 2007 TVM III Limited Partnership ("TVM III"), TVM IV GmbH & Co.
KG ("TVM IV") and Mr. John J. DiBello each entered into trading plans with
Deutsche Bank Securities Inc. pursuant to Rule 10b5-1 of the Exchange Act of
1934. The Plans follow the recent expiration of similar plans that were
adopted in June 2006.
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Dr. Gert Caspritz, a director of the Company, is a General Partner and an
Investment Manager in the healthcare and life sciences group of TVM Capital,
which is the general partner of each of TVM III and TVM IV. In addition, Mr.
John J. DiBello is an affiliate of the Company and a Partner of TVM Capital.
Under these trading plans, the Company's stock price must reach a minimum of
$4.00 per share before any of TVM III's, TVM IV's or Mr. DiBello's shares may
be sold. Under these plans, each 10b5-1 plan shareholder has authorized the
sale of up to the full amount of their holdings of EpiCept common stock.
Under the plans, the 10b5-1 shareholders may sell 25% of their individual
holdings at a price range of $4.00 to $6.49 per share, 25% of their individual
holdings at a price range of $6.50 to $8.99 per share, an additional 25% of
their individual holdings at a price range of $9.00 to $11.49 per share, and
the final 25% of their individual holdings at a price at or above $11.50 per
share. Sales under the plans may begin on August 22, 2007, and the plans are
scheduled to continue for 12 months from the date of inception.
The plans also provide that the shares are to be sold pro-rata as allowed
pursuant to Rule 144 of the Securities Act of 1933. The common stock sales will
occur from time to time in accordance with the trading plans and will be
conducted under the direction of Deutsche Bank Securities Inc. TVM III, TVM IV
and Mr. DiBello will report the sales as appropriate in filings with the
Securities and Exchange Commission as required by law.
In order to maintain compliance with the rules of the OMX Nordic Stock
Exchange (where, in addition to Nasdaq, the Company's securities are listed
under the ticker symbol: EPCT), the plans provide that no trading shall take
place during the 30-day period prior to the release of financial statements for
the prior quarter, resulting in the following restricted periods: September 17,
2007 - November 16, 2007, December 18, 2007 - May 19, 2008, and June 17, 2008 -
August 18, 2008; provided that the end of each restricted period shall be
extended to the date of the actual public announcement of the Company's results
or such later date as required by the OMX Nordic Exchange.
