Attached files
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8-K - LIVE FILING - IMMUNE PHARMACEUTICALS INC | htm_41971.htm |
Contacts
EpiCept Corporation: | Investors: | |
777 Old Saw Mill River Road | Lippert/Heilshorn & Associates | |
Tarrytown, NY 10591 | Kim Sutton Golodetz | |
Robert W. Cook | (212) 838-3777 | |
(914) 606-3500 | kgolodetz@lhai.com | |
rcook@epicept.com | ||
or | ||
Bruce Voss | ||
(310) 691-7100 | ||
bvoss@lhai.com | ||
Media:
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Feinstein Kean Healthcare Greg Kelley (617) 577-8110 gregory.kelley@fkhealth.com |
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EpiCept Receives Positive Nasdaq Panel Decision
TARRYTOWN, N.Y. (June 7, 2011) EpiCept Corporation (Nasdaq and Nasdaq OMX Stockholm Exchange: EPCT) today announced that the Nasdaq Hearings Panel (the Panel) has granted EpiCepts request for continued listing on the Nasdaq Stock Market, subject to EpiCept evidencing, on or prior to September 30, 2011, a closing bid price of $1.00 or more for a minimum of 10 consecutive trading days, which would bring EpiCept back into compliance with Nasdaq Listing Rule 5550(a)(2). In making this determination, the Panel cited the Companys cash position, the expectation that near-term clinical, regulatory and/or commercial milestones can support compliance with the continued listing requirements of the Nasdaq Capital Market, and the Companys demonstrated ability to raise non-equity capital.
The Panel may, in its discretion, require that EpiCept evidence a bid price of at least $1.00 for a period in excess of 10 consecutive trading days before determining that EpiCept has satisfied the condition for continued listing.
EpiCept believes that the additional time granted by the Panel provides an opportunity for the Company to achieve its near-term milestones and may enable it to regain compliance with the minimum bid price requirement without any other action. In addition, EpiCept has filed a definitive proxy statement seeking shareholder approval for a potential reverse stock split within a range of 1:2 to 1:6 at its annual shareholder meeting taking place June 14, 2011.
About EpiCept Corporation
EpiCept is focused on the development and commercialization of pharmaceutical products for the
treatment of cancer and pain. The Companys lead product is Ceplene®, approved in the EU
and Israel for the remission maintenance and prevention of relapse in adult patients with Acute
Myeloid Leukemia (AML) in first remission. In the United States, a pivotal trial is scheduled to
commence in 2011. The Company has two other oncology drug candidates currently in clinical
development that were discovered using in-house technology and have been shown to act as vascular
disruption agents in a variety of solid tumors. The Companys pain portfolio includes AmiKet, a
prescription topical analgesic cream in late-stage clinical development designed to provide
effective long-term relief of pain associated with peripheral neuropathies.
Forward-Looking Statements
This news release and any oral statements made with respect to the information contained in this
news release contain 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. These statements are based on our current expectations and are
subject to risks and uncertainties that could cause actual results or developments to be materially
different from historical results or from any future results expressed or implied by such
forward-looking statements. Factors that may cause actual results or developments to differ
materially include: the risks associated with our ability to continue to meet our obligations under
our existing debt agreements, the risk that our securities may be delisted from The Nasdaq Capital
Market, the risks associated with the adequacy of our existing cash resources and our ability to
continue as a going concern, the risk that Ceplene® will not receive regulatory approval
or marketing authorization in the United States or Canada, the risk that Ceplene® will
not achieve significant commercial success, the risk that any required post-approval clinical study
for Ceplene® will not be successful, the risk that we will not be able to maintain our
final regulatory approval or marketing authorization for Ceplene®, the risk that Azixa
will not receive regulatory approval or achieve significant commercial success, the risk that we
will not receive any significant payments under our agreement with Myrexis, the risk that the
development of our other apoptosis product candidates will not be successful, the risk that
clinical trials for AmiKet or crolibulinTM will not be successful, the risk that
AmiKet or crolibulinTM will not receive regulatory approval or achieve significant
commercial success, the risk that we will not be able to find a partner to help conduct the Phase
III trials for AmiKet on attractive terms, a timely basis or at all, the risk that our other
product candidates that appeared promising in early research and clinical trials do not demonstrate
safety and/or efficacy in larger-scale or later stage clinical trials, the risk that we will not
obtain approval to market any of our product candidates, the risks associated with dependence upon
key personnel, the risks associated with reliance on collaborative partners and others for further
clinical trials, development, manufacturing and commercialization of our product candidates; the
cost, delays and uncertainties associated with our scientific research, product development,
clinical trials and regulatory approval process; our history of operating losses since our
inception; the highly competitive nature of our business; risks associated with litigation; and
risks associated with our ability to protect our intellectual property. These factors and other
material risks are more fully discussed in our periodic reports, including our reports on Forms
8-K, 10-Q and 10-K and other filings with the U.S. Securities and Exchange Commission. You are
urged to carefully review and consider the disclosures found in our filings which are available at
www.sec.gov or at www.epicept.com. You are cautioned not to
place undue reliance on any forward-looking statements, any of which could turn out to be wrong due
to inaccurate assumptions, unknown risks or uncertainties or other risk factors.
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