EpiCept Corporation to Raise $1.1 Million in Registered Direct Offering
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Regulatory News:
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.
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.