Mar 29 2012
EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT)
announced today that it has entered into a definitive agreement with a
single life science focused institutional investor for the purchase of
1,065 shares of its new Series B 0% Convertible Preferred Stock at
$1,000 per share, which are convertible into an aggregate of
approximately 6.3 million shares of its common stock, and five-year
warrants to purchase up to approximately 3.1 million shares of its
common stock at an exercise price of $0.17 per share that are
immediately exercisable.
EpiCept will receive approximately
$0.97 million in net proceeds from the offering. The offering is
expected to close on or about April 2, 2012, subject to customary
closing conditions. Net proceeds from the offering will be used to meet
working capital needs and for general corporate purposes.
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