By Sheri Kasprzak
New York, Feb. 8 - EpiCept Corp. said it entered into agreements with institutional investors for an $11.685 million private placement.
The investors agreed to buy 4.1 million shares at $2.85 each and will also receive warrants for 1 million shares.
The warrants are exercisable at $4.00 each for five years. The warrants will not be exercisable until six months after the offering closes.
Rodman & Renshaw, LLC was the placement agent.
Proceeds will be used for the clinical development of the company's portfolio of pain products.
Based in Englewood Cliffs, N.J., EpiCept is a biopharmaceutical company focused on topical treatments for pain.
| Issuer: | EpiCept Corp.
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| Issue: | Stock
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| Amount: | $11.685 million
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| Shares: | 4.1 million
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| Price: | $2.85
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| Warrants: | For 1 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.00
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| Placement agent: | Rodman & Renshaw, LLC
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| Announcement date: | Feb. 8
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| Stock symbol: | Nasdaq: EPCT
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| Stock price: | $3.90 at close Feb. 7
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