By Devika Patel
Knoxville, Tenn., Aug. 4 - EpiCept Corp. will take in $2.99 million in a direct placement of units, according to a prospectus supplement filed Monday with the Securities and Exchange Commission.
The company will sell 5,529,954 units of one common share and a half-share warrant at $0.54 per unit. The whole warrants are exercisable at $0.48.
Settlement is expected Aug. 5.
Rodman & Renshaw, LLC is the agent
Proceeds will be used to repay a portion of the company's senior secured loan. The remainder of the net proceeds will be used to fund the company's operations and to make scheduled monthly payments on its senior secured debt. EpiCept believes its existing cash resources together with the estimated net proceeds from this offering will be sufficient to meet its projected operating and debt service requirements into August. EpiCept may invest funds that it does not immediately require in short-term marketable securities.
Based in Tarrytown, N.Y., EpiCept is a specialty pharmaceutical company focused on the development of pharmaceutical products for the treatment of cancer and pain.
| Issuer: | EpiCept Corp.
|
| Issue: | Units one common share and a half-share warrant
|
| Amount: | $2,986,175.16
|
| Units: | 5,529,954
|
| Price: | $0.54
|
| Warrants: | One half-share warrant per unit (for 2,764,978 shares)
|
| Warrant strike price: | $0.48
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 5
|
| Stock symbol: | Nasdaq: EPCT
|
| Stock price: | $0.66 at close Aug. 1
|
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