EpiCept Corporation Amends Loan and Security Agreement
Published: Aug 31, 2012
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Regulatory News: EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) announced today that it has amended the Company’s Loan and Security Agreement with MidCap Financial, LLC ("MidCap" or the “Lender”) effective August 27, 2012. Pursuant to the terms of the amendment, EpiCept has made a principal prepayment of $1.2 million, which approximates the scheduled principal payments due under the Loan and Security Agreement from September 1, 2012 through December 31, 2012. As a result of the prepayment, the current principal balance of the loan is $4.1 million. The next principal payment is due on January 15, 2013, and regularly scheduled monthly principal payments will commence February 1, 2013 until the scheduled maturity of the loan in March 2014. The Company will continue to make monthly payments of interest to the Lender as per the Loan and Security Agreement.