EpiCept Corporation Announces Pricing of Public Offering
TARRYTOWN, N.Y., Oct. 10 -- EpiCept Corporation (Nasdaq and OMX Nordic
Exchange: EPCT) announced today the pricing of a public offering of
approximately 4.26 million shares of its common stock at $1.88 per share and
five-year warrants to purchase up to approximately 2.13 million shares of
common stock at an exercise price of $1.88 per share. EpiCept will receive
approximately $7.3 million in net proceeds from the offering. Rodman &
Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc.
(OTC Bulletin Board: RDRN) acted as lead placement agent and BMO Capital
Markets Corp. acted as co-placement agent in the public offering. EpiCept
intends to use the net proceeds for general corporate purposes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020513/NYM112LOGO )
The public offering is being made pursuant to an effective registration
statement. The public offering may be made only by means of a prospectus and
prospectus supplement. A copy of the prospectus supplement relating to the
common stock and warrants can be obtained from Rodman & Renshaw LLC, 1270
Avenue of the Americas, New York, NY 10020, or by telephone (212) 356-0500 and
BMO Capital Markets Corp., Attn: Prospectus Delivery Department at 3 Times
Square, New York, NY 10036, or by telephone (212) 702-1969. An electronic
copy of the prospectus and prospectus supplement will also be available on the
website of the Securities and Exchange Commission at http://www.sec.gov.
This press release is neither an offer to sell, nor a solicitation of an
offer to buy, nor shall there be any sale of, these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
About EpiCept Corporation
EpiCept is focused on unmet needs in the treatment of pain and cancer.
EpiCept has a staged portfolio of pharmaceutical product candidates with
several pain therapies in late-stage clinical trials, and a lead oncology
compound (for acute myeloid leukemia, or AML) with demonstrated efficacy in a
Phase III trial; a marketing authorization application for this compound has
been submitted in Europe. EpiCept is based in Tarrytown, N.Y., and its
research and development team in San Diego is pursuing a drug discovery program
focused on novel approaches to apoptosis.
Forward-Looking Statements
This news release and any oral statements made with respect to the
information contained in this news release, contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include statements which express plans,
anticipation, intent, contingency, goals, targets, future development and are
otherwise not statements of historical fact. These statements are based on
EpiCept's current expectations and are subject to risks and uncertainties that
could cause actual results or developments to be materially different from
historical results or from any future results expressed or implied by such
forward-looking statements. Factors that may cause actual results or
developments to differ materially include: the risk that the proposed public
offering will not be consummated, the risks associated with our need to raise
additional financing to continue to meet our capital needs and our ability to
continue as a going concern, the risk that Ceplene will not receive regulatory
approval or marketing authorization in the EU or that Ceplene, if approved,
will not achieve significant commercial success, the risk that Myriad's
development of Azixa will not be successful, the risk that Azixa will not
receive regulatory approval or achieve significant commercial success, the risk
that we will not receive any significant payments under our agreement with
Myriad, the risk that the development of our other apoptosis product candidates
will not be successful, the risk that our ASAP technology will not yield any
successful product candidates, the risk that clinical trials for NP-1 or EPC
2407 will not be successful, that NP-1 or EPC 2407 will not receive regulatory
approval or achieve significant commercial success, the risk that our other
product candidates that appeared promising in early research and clinical
trials do not demonstrate safety and/or efficacy in larger-scale or later stage
clinical trials, the risk that EpiCept will not obtain approval to market any
of its product candidates, the risks associated with dependence upon key
personnel, the risks associated with reliance on collaborative partners and
others for further clinical trials, development, manufacturing and
commercialization of our product candidates; the cost, delays and uncertainties
associated with our scientific research, product development, clinical trials
and regulatory approval process; our history of operating losses since our
inception; competition; litigation; risks associated with prior material
weaknesses in our internal controls; and risks associated with our ability to
protect our intellectual property. These factors and other material risks are
more fully discussed in EpiCept's periodic reports, including its reports on
Forms 8-K, 10-Q and 10-K and other filings with the U.S. Securities and
Exchange Commission. You are urged to carefully review and consider the
disclosures found in EpiCept's filings which are available at www.sec.gov or at
www.epicept.com. You are cautioned not to place undue reliance on any
forward-looking statements, any of which could turn out to be wrong due to
inaccurate assumptions, unknown risks or uncertainties or other risk factors.
EPCT-GEN
SOURCE EpiCept Corporation
-0- 10/10/2007
/CONTACT: EpiCept Corporation: Robert W. Cook, +1-914-606-3500,
rcook@epicept.com; Media: Greg Kelley of Feinstein Kean Healthcare,
+1-617-577-8110, gregory.kelley@fkhealth.com; Investors: Kim Sutton Golodetz,
+1-212-838-3777, kgolodetz@lhai.com, or Bruce Voss, +1-310-691-7100,
bvoss@lhai.com, both of Lippert-Heilshorn & Associates/
/Photo: http://www.newscom.com/cgi-bin/prnh/20020513/NYM112LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.epicept.com/
(EPCT RDRN)
