By Sheri Kasprzak
New York, Dec. 26 - EpiCept Corp. plans to close a $9.928 million private placement of its stock with a group of institutional investors.
The investors agreed to buy 6.8 million shares at $1.46 apiece.
The offering also includes warrants for 3.4 million shares, exercisable at $1.47 each for five years. The warrants become exercisable six months after closing.
Rodman & Renshaw, LLC was the placement agent.
Proceeds will be used for clinical trials set to begin in 2007. The rest will be used to fund the ongoing review by the European Medicines Agency for the approval in Europe of the company's Ceplene product to treat leukemia.
Based in Tarrytown, N.Y., EpiCept develops treatments for pain and cancer.
| Issuer: | EpiCept Corp.
|
| Issue: | Stock
|
| Amount: | $9.928 million
|
| Shares: | 6.8 million
|
| Price: | $1.46
|
| Warrants: | For 3.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.47
|
| Placement agent: | Rodman & Renshaw, LLC
|
| Announcement date: | Dec. 22
|
| Stock symbol: | Nasdaq: EPCT
|
| Stock price: | $1.39 at close Dec. 22
|
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