EpiCept Corporation Raises $0.8 Million From Immediate Exercise of Re-Priced Warrants
Published: Sep 25, 2012
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Regulatory News: EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) today announced that, effective September 24, 2012, it has reduced the exercise price of certain of its outstanding Common Stock Purchase Warrants, which were issued pursuant to registered direct offerings in February 2012 and April 2012, in return for the immediate cash exercise of all such warrants. Total proceeds to the Company will be approximately $0.8 million after estimated fees and expenses. The total of 8.1 million warrants, 5.0 million of which were issued in February 2012 and 3.1 million of which were issued in April 2012, were originally exercisable for common stock at prices of $0.20 and $0.17 per share, respectively. The exercise prices were reduced to $0.10 per share for all of these warrants. Dawson James, Inc. acted as exclusive agent for the warrant exercise.