By Devika Patel
Knoxville, Tenn., Nov. 21 - EpiCept Corp. negotiated a $1 million private placement of 10% subordinated convertible notes due April 10, 2009.
The notes will be issued as a 10% original issue discount obligation in lieu of periodic interest payments and, therefore, no interest payments will be made under these notes. Accordingly, the principal amount of the notes will be $1.11 million.
The notes may be converted into common stock at $1.00 per share.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used to repay a portion of the outstanding principal of the company's senior secured loan with Hercules Technology Growth Capital, Inc. and for working capital needs and general corporate purposes.
EpiCept, based in Tarrytown, N.Y., develops treatments for pain related to cancer as well as treatments for cancer.
Issuer: | EpiCept Corp.
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Issue: | Subordinated convertible notes
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Amount: | $1,112,500
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Maturity: | April 10, 2009
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Price: | 90
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Conversion price: | $1.00
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Warrants: | No
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Agent: | Rodman & Renshaw, LLC
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Pricing date: | Dec. 9
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Stock symbol: | Nasdaq: EPCT
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Stock price: | $0.73 at close Dec. 8
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Market capitalization: | $51.1 million
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