EpiCept Corporation Announces Pricing of Public Offering

    TARRYTOWN, N.Y.--(BUSINESS WIRE)--March 6, 2008--Regulatory News:

    EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT)
announced today the pricing of a public offering of approximately 5.4
million shares of its common stock at $0.9225 per share and five-year
warrants to purchase up to approximately 2.7 million shares of common
stock at an exercise price of $0.86 per share, payable only on a net
issuance basis in shares of its common stock. EpiCept will receive
approximately $4.7 million in net proceeds from the offering. Rodman &
Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.
(Nasdaq: RODM) acted as the exclusive placement agent for the
offering. EpiCept intends to use the net proceeds for general
corporate purposes.

    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. 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. The Company's broad portfolio of pharmaceutical product
candidates includes several pain therapies in clinical development and
a lead oncology compound for AML with demonstrated efficacy in a Phase
III trial; a marketing authorization application for this compound is
approaching a decision in Europe. In addition, EpiCept's ASAP
technology, a proprietary live cell high-throughput caspase-3
screening technology, can efficiently identify new cancer drug
candidates and molecular targets that selectively induce apoptosis in
cancer cells. Two oncology drug candidates currently in clinical
development that were discovered using this technology have also been
shown to act as vascular disruption agents in a variety of solid

    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(R) will not receive regulatory approval or marketing
authorization in the EU or that any appeal of an adverse decision will
not be successful, the risk that Ceplene(R), if approved, will not
achieve significant commercial success, the risk that Myriad's
development of Azixa(TM) will not be successful, the risk that
Azixa(TM) 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 EPC2407 will not be successful, the risk that NP-1 or EPC2407 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 we will not obtain approval to market any of our 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; the highly
competitive nature of our business; risks associated with 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.


    *Azixa is a registered trademark of Myriad Genetics, Inc.

    CONTACT: EpiCept Corporation
             Robert W. Cook, 914-606-3500
             Feinstein Kean Healthcare
             Greg Kelley, 617-577-8110
             Lippert/Heilshorn & Associates
             Kim Sutton Golodetz, 212-838-3777
             Bruce Voss, 310-691-7100