EpiCept Announces Changes to Its Board of Directors
TARRYTOWN, N.Y.--(BUSINESS WIRE)--
Regulatory News:
EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT)
announced today that A. Collier Smyth, Gerhard Waldheim and Wayne P.
Yetter have resigned from the Company's Board of Directors, effective
August 28, 2012. Their resignations were not as a result of any
disagreement with management.
In addition, Robert W. Cook has been appointed to EpiCept's Board,
effective August 28, 2012. Mr. Cook has served as EpiCept's Chief
Financial Officer and Senior Vice President, Finance and Administration
since April 2004 and is currently serving as interim President and CEO
of EpiCept.
Alan W. Dunton, M.D., Non-Executive Chairman of the Board of EpiCept,
commented, "On behalf of EpiCept and its shareholders, I would like to
thank Collier, Gerhard and Wayne for their many contributions to the
Company and its Board of Directors. We mutually agreed that a reduction
in the size of our Board was appropriate at this time as the Company is
singularly focused on successfully concluding a strategic transaction in
line with the objectives we previously outlined. We will not look to
return the membership of the Board to its previous size at this time."
EpiCept engaged SunTrust Robinson Humphrey in January 2012 to assist in
exploring strategic alternatives to maximize the commercial opportunity
of AmiKet™ for the treatment of CIPN following taxane-based therapy. The
engagement is focused on the identification and implementation of a
strategy designed to optimize AmiKet™'s value for the Company's
stockholders, which includes the evaluation of potential transactions
involving the sale of the Company.
About EpiCept Corporation
EpiCept is focused on the development and commercialization of
pharmaceutical products for the treatment of pain and cancer. The
Company's 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. The Company's product Ceplene®, when used
concomitantly with low-dose interleukin-2 (IL-2) is intended as
remission maintenance therapy in the treatment of acute myeloid leukemia
(AML) for adult patients who are in their first complete remission. The
Company sold all of its rights to Ceplene® in Europe and
certain Pacific Rim countries and a portion of its remaining Ceplene®
inventory to Meda AB. Ceplene® is licensed to MegaPharm Ltd.
to market and sell in Israel and EpiCept has retained its rights to
Ceplene® in all other countries, including countries in North
and South America. The Company has other oncology drug candidates 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.
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 the adequacy of our
existing cash resources and our ability to continue as a going concern,
the risks associated with our ability to continue to meet our
obligations under our existing debt agreements, 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 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 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 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.
*Azixa is a registered trademark of Myrexis, Inc.
EPCT-GEN
EpiCept Corporation:
Robert W. Cook, 914-606-3500
rcook@epicept.com
or
Media:
Feinstein
Kean Healthcare
Greg Kelley, 617-577-8110
gregory.kelley@fkhealth.com
or
Investors:
LHA
Kim
Sutton Golodetz, 212-838-3777
kgolodetz@lhai.com
or
Bruce
Voss, 310-691-7100
bvoss@lhai.com
Source: EpiCept Corporation
News Provided by Acquire Media
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