TARRYTOWN, N.Y.--(BUSINESS WIRE)--Regulatory News: EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) announced today that it has entered into definitive agreements with institutional investors to raise $1.0 million in gross proceeds through the private placement of subordinated convertible notes due April 10, 2009 and of common stock, par value $0.0001 per share, issuable upon conversion of the notes. EpiCept intends to use the net proceeds it receives to repay a portion of the outstanding principal of its senior secured loan with Hercules Technology Growth Capital, Inc. The remaining net proceeds will be used to meet its working capital needs and general corporate purposes. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM) acted as the exclusive placement agent for the placement.
