EpiCept Corporation (EPCT) Transfers Ceplene Responsibilities in European Union and Sells License Rights to MEDA
6/19/2012 11:02:05 AM
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Regulatory News: EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) today announced that it has sold all of its rights to Ceplene® in the territories previously licensed to Meda AB, and a portion of its remaining Ceplene® inventory, to Meda for approximately $2.6 million in cash and the assumption of EpiCept's ongoing responsibilities related to the manufacture and maintenance of the marketing authorization of Ceplene® in the European Union. The cash received from this transaction together with the savings from future expenses, after making a partial prepayment on EpiCept's existing term loan with MidCap Financial LLC of approximately $0.8 million, will enable EpiCept to operate into the fourth quarter 2012 without further financing.
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