Receives $2.25 Million Cash Payment
Regulatory News:
EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) today
announced that it has amended its December 20, 2006 licensing agreement
with DURECT Corporation granting DURECT exclusive, worldwide rights to
certain EpiCept intellectual property for a transdermal patch containing
bupivacaine for the treatment of back pain.
Under the terms of the amended agreement, EpiCept has granted DURECT
royalty-free, fully paid up, perpetual and irrevocable rights to the
intellectual property licensed as part of the original agreement in
exchange for a cash payment of USD 2.25 million from DURECT.
EpiCept intends to use the proceeds of this non-dilutive cash payment as
working capital and for general corporate purposes as the Company
prepares for the launch of Ceplene®
(histamine dihydrochloride) following receipt of final marketing
authorization in Europe, which EpiCept anticipates receiving within the
next several weeks.
About EpiCept Corporation
EpiCept is focused on unmet needs in the treatment of cancer and pain.
The Company's broad portfolio of pharmaceutical product candidates
includes Ceplene®, a
cytokine immunomodulator that recently received a positive opinion from
the CHMP in Europe for the remission maintenance of AML patients, and
several pain therapies in clinical development. In addition, EpiCept's
ASAP technology, a proprietary live-cell high-throughput caspase-3
screening technology, can efficiently identify new cancer drug
candidates and molecular targets that selectively induce apoptosis in
cancer cells. Two oncology drug candidates currently in clinical
development that were discovered using this technology have also been
shown to act as vascular disruption agents in a variety of solid tumors.
Forward-Looking Statements
This news release and any oral statements made with respect to the
information contained in this news release, contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include statements
which express plans, anticipation, intent, contingency, goals, targets,
future development and are otherwise not statements of historical fact.
