EpiCept raises $10M with plans for $15M more
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- April
- 9
EpiCept Corp. of Tarrytown, which is developing drugs to treat pain and cancer, said today that its shareholders have approved a private placement of stock that netted $10 million as well as a standby equity distribution agreement that could provide up to an additional $15 million.
EpiCept, on Dec. 22, issued 6,883,565 shares of the company’s stock at a price of $1.46 a share, as well as warrants to purchase up to an additional 3,441,786 shares of stock at an exercise price of $1.47 a share.
In the standby equity distribution agreement, the EpiCept will from time to time issue up to 19.9 percent of its stock at a discount to the current price in an agreement with Cornell Capital Partners. As of around noon, shares were trading at $1.79 a share.
This entry was posted
on Monday, April 9th, 2007 at 12:19 pm by Julie Moran Alterio.
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