By Sheri Kasprzak
New York, Aug. 31 - EpiCept Corp. pocketed $10 million from a senior secured term loan with Hercules Technology Growth Capital, Inc.
The loan is due on Aug. 30, 2009. The coupon of the loan could not be determined Thursday.
The investor also received warrants for 471,000 shares, exercisable at $2.65 each.
Proceeds from the offering will be used to advance the company's pipeline, including Ceplene, its lead oncology compound to treat acute myeloid leukemia; LidoPain SP, its sterile lidocaine patch to treat post-surgical incision pain; EpiCept NP-1, to treat chronic pain from peripheral neuropathies; and LidoPain BP, its non-sterile lidocaine patch to treat recurrent lower back pain.
Based in Englewood Cliffs, N.J., EpiCept is a pharmaceutical company focused on treatments for cancer and chronic pain.
| Issuer: | EpiCept Corp.
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| Issue: | Senior secured term loan
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| Amount: | $10 million
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| Maturity: | Aug. 30, 2009
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| Warrants: | For 471,000 shares
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| Warrant strike price: | $2.65
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| Investor: | Hercules Technology Growth Capital, Inc.
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| Settlement date: | Aug. 30
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| Stock symbol: | Nasdaq: EPCT
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| Stock price: | $2.99 at close Aug. 30
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