EpiCept (EPCT) Announces $15M Common At-The-Market Program

EpiCept Corporation (NASDAQ: EPCT) announced today that it has established an at-the-market program through which it may sell, from time to time and at its sole discretion, shares of its common stock having an aggregate offering price of up to $15 million. Maxim Group LLC is acting as sales agent on the program.

Sales of EpiCept shares under the program, if any, may be made by means of ordinary brokers' transactions on The Nasdaq Capital Market or, to the extent allowable by law, the Nasdaq OMX Stockholm Exchange, at market prices. Additionally, under the terms of the sales agreement, the Company may also sell shares of its common stock through the sales agent, on the Nasdaq Capital Market or, to the extent allowable by law, the Nasdaq OMX Stockholm Exchange, or otherwise, at negotiated prices or at prices related to the prevailing market price. As sales agent, Maxim will not engage in any transactions that stabilize the Company's common stock.

The Company intends to use any net proceeds it may receive from the offering to meet working capital needs and repay indebtedness, as well as for general corporate purposes.