EpiCept gets shareholder nod for $15 million equity line

By Sheri Kasprzak

New York, April 9 - EpiCept Corp. received approval from its shareholders for its previously announced $15 million standby equity distribution agreement with Cornell Capital Partners, LP.

A special meeting was held April 6 to approve a previous transaction, which failed to meet Nasdaq Stock Market listing requirements.

That private placement, which closed in December, failed to comply with requirements because the company sold more shares than the 20% allowed to be sold at a price below the greater of the company's book or market value.

The equity line was in danger of becoming void because of the failure to comply with Nasdaq listing rules.

Tarrytown, N.Y.-based EpiCept develops treatments for pain and cancer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.