EpiCept Reports Third Quarter 2012 Operating and Financial Results
Conference Call Begins at 9:00 A.M. Eastern Time Today
TARRYTOWN, N.Y.--(BUSINESS WIRE)--
Regulatory News:
EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) (the
Company) today reported a net loss for the three months ended September
30, 2012 of $1.1 million and a net loss for the nine months ended
September 30, 2012 of $1.7 million. These compare with net losses for
the three and nine months ended September 30, 2011 of $5.4 million and
$12.2 million, respectively. The Company also provided additional
information with respect to its recently-announced signing of a
definitive merger agreement with Immune Pharmaceuticals, Ltd.
Robert Cook, Interim President and CEO of EpiCept, commented, "During
the third quarter we focused our attention on concluding an agreement
with a merger partner that is interested in our products and in
implementing a strategy to enable AmiKet™ to realize value for the
Company's shareholders. We are enthusiastic about the proposed merger
with Immune Pharmaceuticals as we believe the combined company will
provide EpiCept's shareholders with a broad, attractive portfolio of
product candidates that address unmet medical needs and have significant
market potential. Monoclonal antibodies, a field in which Immune
Pharmaceuticals has particular expertise, are an exciting area for
pharmaceutical development. We are pleased that the combined company
intends to re-energize EpiCept's efforts to obtain a partner to pursue
the Phase III development of AmiKet™. Additionally, we believe that
EpiCept's vascular disruption agents Azixa® and crolibulin™
are promising, targeted oncology drug candidates that may further
benefit from Immune Pharmaceuticals' expertise in nanotherapeutics."
Business Highlights
-
Immune Pharmaceuticals Ltd., a privately held Israeli company, and
EpiCept announced on November 8, 2012 that they have entered into a
definitive merger agreement. The transaction is anticipated to close
during the first quarter of 2013 and is subject to satisfaction of
certain customary closing conditions, including the approval of the
shareholders of EpiCept. The combined company will be focused on
developing antibody therapeutics and other targeted drugs for the
treatment of inflammatory diseases and cancer. Immune's lead product
candidate, bertilimumab, is a fully human monoclonal antibody that
targets eotaxin-1, a chemokine involved in eosinophilic inflammation,
angiogenesis and neurogenesis. Immune is currently initiating a
placebo-controlled, double-blind Phase II clinical trial with
bertilimumab for the treatment of ulcerative colitis.
The
companies' collective oncology portfolios comprise Immune's NanomAbs®,
a new generation of antibody drug conjugates, and EpiCept's vascular
disruption agents. The combined company will continue efforts to
secure a partner for EpiCept's Phase III clinical development
candidate AmiKet™, for which efficacy has been demonstrated for the
treatment of chemotherapy-induced neuropathic pain and post-herpetic
neuralgia.
The terms of the merger agreement provide that, upon
the closing of the transaction, EpiCept will issue shares of its
common stock to Immune shareholders in exchange for all of the
outstanding shares of Immune, with EpiCept shareholders retaining
approximately 22.5 percent ownership of the combined company and
Immune shareholders receiving approximately 77.5 percent, calculated
on an adjusted fully diluted basis. The proportionate ownership of the
combined company by the EpiCept and Immune shareholders is subject to
adjustment based upon the size of certain specified liabilities of
EpiCept at the merger effective time and does not initially include
the exercise or conversion of certain EpiCept options and warrants
whose exercise/conversion prices are significantly higher than the
current trading price of EpiCept's common stock.
The combined
company will have dual headquarters in Herzliya-Pituach, Israel and in
the New York City area, with research laboratories in Rehovot, Israel.
Daniel Teper, PharmD, the Chief Executive Officer of Immune
Pharmaceuticals, will become the Chairman and CEO of the combined
company. Dr. David Sidransky, Director of Head and Neck Research
Division, Professor of Oncology at the Johns Hopkins School of
Medicine, and a former Vice Chairman of the Board of Directors of
ImClone Systems, will be the Vice Chairman of the Board of the
combined company. Immediately following the merger effective time, the
board of directors of the combined company will consist of the
then-current directors of Immune plus Mr. Cook, who will also serve as
the CFO. The combined company plans to assume EpiCept's common stock
listings on the OTCQX and on the NASDAQ OMX Stockholm Exchange.
The
signing of the definitive merger agreement with Immune Pharmaceuticals
met the November 15, 2012 deadline imposed on the Company by its
senior lender, MidCap Financial LLP. The loan is expected to be
restructured and assumed by the combined company at the closing of the
merger.
-
On August 28, 2012, EpiCept received notice of termination of the
License and Collaboration Agreement, dated November 19, 2003, with
Myrexis, Inc. Myrexis has elected to terminate its efforts to develop
and commercialize any product covered under the License, including its
drug candidate Azixa™. As a result of the termination of the
agreement, all rights and licenses granted under the License by the
Company to Myrexis have reverted to the Company. The Company is
currently negotiating a new agreement with Myrexis to secure rights to
the Myriad Technology as set forth in the License Agreement.
Financial and Operating Highlights
EpiCept's net loss attributable to common stockholders for the third
quarter of 2012 was $2.8 million, or $0.03 per share, compared with a
net loss attributable to common stockholders of $5.4 million, or $0.08
per share, for the third quarter of 2011. Net loss attributable to
common stockholders for the third quarter of 2012 includes $1.6 million
of deemed dividends on convertible preferred stock. EpiCept's net loss
attributable to common stockholders for the nine months ended September
30, 2012 was $5.3 million, or $0.06 per share, compared with a net loss
attributable to common stockholders of $12.2 million, or $0.18 per
share, for the nine months ended September 30, 2011. The net loss
attributable to common stockholders for the nine months ended September
30, 2012 includes $3.6 million of deemed dividends on convertible
preferred stock.
Third Quarter and Nine Months 2012 vs. Third Quarter and Nine Months
2011
Revenue
The Company recognized revenue of $0.9 million during the third quarter
of 2012, compared with $0.3 million during the third quarter of 2011.
The Company recognized revenue of $7.7 million during the nine months
ended September 30, 2012, compared with $0.7 million during the nine
months ended September 30, 2011. For the third quarter of 2012, revenue
consisted primarily of license fee payments, including the recognition
of the remaining deferred revenue previously received from Myrexis
amounting to $0.7 million. For the third quarter of 2011, revenue
consisted primarily of the recognition of license fee payments
previously received from strategic alliances.
Cost of Goods Sold
Cost of goods sold in the third quarter of 2011 consisted solely of the
costs from the sale of Ceplene® to Meda AB. Cost of goods
sold was $0.4 million for each of the nine months ended September 30,
2012 and 2011, which consisted solely of the costs from the sale of
Ceplene® to Meda AB.
Selling, General and Administrative (SG&A) Expense
SG&A expense in the third quarter of 2012 decreased by approximately
55%, or $1.1 million, to $0.9 million, compared with $2.0 million
in the third quarter of 2011. The decrease was primarily attributable to
lower legal expenses, lower salary and salary-related expenses and lower
investor relations expenses. SG&A expense for the nine months ended
September 30, 2012 decreased by approximately 31%, or $1.7 million, to
$3.7 million, compared with $5.4 million for the nine months
ended September 30, 2011. The Company expects SG&A expenses to trend
slightly higher as it proceeds to conclude the merger with Immune
Pharmaceuticals.
Research and Development (R&D) Expense
R&D expense in the third quarter of 2012 decreased by 58%, or $1.5
million, to $1.1 millionfrom $2.6 million in the third quarter of 2011.
R&D expense for the nine months ended September 30, 2012 decreased by
approximately 46%, or $2.9 million, to $3.4 million, compared
with $6.3 million for the nine months ended September 30, 2011. The
decrease was primarily attributable to lower clinical trial costs for
Ceplene®, lower salary and salary-related expenses and lower
patent expenses. The Company's clinical efforts for the nine months
ended September 30, 2012 and 2011 were focused on the open-label trial
of Ceplene®, the responsibility for which has now been
transferred to Meda AB. Research and development expense is expected to
remain at approximately current levels over the next few quarters.
Other Income (Expense)
Other income (expense) during the third quarter of 2012 was net expense
of $47,000, compared with net expense of $1.0 million in the third
quarter of 2011. Other expense for the nine months ended September 30,
2012 was $2.0 million, compared with other expense of $0.8 million for
the nine months ended September 30, 2011. The primary components of
other expense in 2012 were warrant amendment expense of $0.9 million,
interest expense of $1.0 million related primarily to the Company's
senior secured term loan and a foreign exchange loss. The primary
component of other expense, net for the nine months ended September 30,
2011 was interest expense of $0.9 million.
Liquidity
EpiCept had $1.1 million in cash and cash equivalents as of September
30, 2012 and an additional $1.1 million in cash that is restricted by
the Company's lender. In September 2012 EpiCept reduced the exercise
price of certain of its outstanding Common Stock Purchase Warrants,
which were issued pursuant to registered direct offerings in February
2012 and April 2012, in return for the immediate cash exercise of all
such warrants, resulting in total proceeds to EpiCept of approximately
$0.8 million after estimated fees and expenses. Pursuant to the
amendment to the Loan and Security Agreement dated August 27, 2012 with
MidCap Financial, LLC, EpiCept was given until November 15, 2012 to sign
a definitive agreement with respect to a sale of the Company or a
partnering transaction for AmiKet™. In November 2012 EpiCept entered
into a definitive merger agreement with Immune Pharmaceuticals, which
satisfied this requirement. The loan is expected to be restructured and
assumed by the combined company at the closing of the merger. Current
cash is anticipated to be sufficient to run operations into the first
quarter of 2013. See EpiCept's Quarterly Report on Form 10-Q for the
period ended September 30, 2012 for a further discussion of the
Company's liquidity and cash position.
Conference Call
EpiCept will host a conference call to discuss these results and answer
questions on November 14, 2012 beginning at 9:00 a.m. Eastern time.
To participate in the live call, please dial from the United States or
Canada (877) 809-8594 or from international locations (706) 758-9407
(please reference access code 70213691). The conference call will also
be broadcast live in listen-only mode on the Internet and may be
accessed at www.epicept.com.
The webcast will be archived for 90 days.
A telephone replay of the call will be available for seven days by
dialing from the United States or Canada (855) 859-2056 or from
international locations (404) 537-3406 (please reference reservation
number 70213691).
Additional Information
In connection with the proposed merger transaction, EpiCept will file a
proxy statement with the U.S. Securities and Exchange Commission
(SEC) seeking appropriate shareholder approval. SHAREHOLDERS OF EPICEPT
AND OTHER INVESTORS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT) REGARDING THE PROPOSED
TRANSACTION WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT
INFORMATION. EpiCept's shareholders will be able to obtain a copy of the
proxy statement, as well as other filings containing information about
Immune and EpiCept, without charge, at the SEC's Internet site (www.sec.gov).
Copies of the proxy statement and the filings with the SEC that will be
incorporated by reference in the proxy statement can also be obtained,
without charge, by directing a request to EpiCept Corporation, 777 Old
Saw Mill River Rd, Tarrytown, NY 10591, Attention: Investor Relations,
Telephone: (914) 606-3500.
Participants in the Solicitation
EpiCept and its directors and executive officers and Immune and its
directors and executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of EpiCept in connection
with the proposed transaction. Information regarding the special
interests of these directors and executive officers in the merger
transaction will be included in the proxy statement of EpiCept referred
to above. Additional information regarding the directors and executive
officers of EpiCept is also included in EpiCept's proxy statement for
its 2011 Annual Meeting of Stockholders, which was filed with the SEC on
April 28, 2011. Additional information regarding the directors and
executive officers of EpiCept is also included in EpiCept's registration
statement Post-Effective Amendment No. 1 to Form S-3 on Form S-1, which
was filed with the SEC on April 6, 2012. These documents are available
free of charge at the SEC's web site (www.sec.gov)
and from Investor Relations at EpiCept at the address described above.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended (the "Act"). The
securities issued in exchange for all of the outstanding shares of
Immune will not be and have not been registered under the Act and may
not be offered or sold in the United States absent registration or an
applicable exception from registration requirements.
The merger agreement and any accompanying issuance of shares by Immune
Pharmaceuticals are not, under any circumstances, to be construed as an
advertisement or a public offering of securities in Israel. Any public
offer or sale of securities in Israel may be made only in accordance
with the Israeli Securities Act-1968 (which requires, inter alia, the
filing of a prospectus in Israel or an exemption therefrom).
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 IL-2 is intended as remission maintenance
therapy in the treatment of 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 in June 2012. 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. You are urged to consider statements that include
the words "may," "will," "would," "could," "should," "believes,"
"estimates," "projects," "potential," "expects," "plans," "anticipates,"
"intends," "continues," "forecast," "designed," "goal," or the negative
of those words or other comparable words to be uncertain and
forward-looking. 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 risk that we may be unable to complete
the proposed merger transaction with Immune Pharmaceuticals, 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
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.
Selected financial information follows:
|
EpiCept Corporation and Subsidiaries
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
(in $000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2012
|
|
|
|
December 31,
2011
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
1,131
|
|
|
|
|
$
|
6,378
|
|
|
Restricted cash
|
|
|
|
|
1,178
|
|
|
|
|
|
70
|
|
|
Inventory
|
|
|
|
|
6
|
|
|
|
|
|
360
|
|
|
Property and equipment, net
|
|
|
|
|
72
|
|
|
|
|
|
120
|
|
|
Total assets
|
|
|
|
$
|
2,866
|
|
|
|
|
$
|
7,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and other accrued liabilities
|
|
|
|
$
|
4,024
|
|
|
|
|
$
|
3,333
|
|
|
Deferred revenue
|
|
|
|
|
7,881
|
|
|
|
|
|
12,947
|
|
|
Notes and loans payable
|
|
|
|
|
3,932
|
|
|
|
|
|
8,022
|
|
|
Total stockholders' deficit
|
|
|
|
|
(13,168
|
)
|
|
|
|
|
(17,146
|
)
|
|
Total liabilities and stockholders' deficit
|
|
|
|
$
|
2,866
|
|
|
|
|
$
|
7,521
|
|
|
|
|
EpiCept Corporation and Subsidiaries
|
|
(Unaudited)
|
|
Selected Consolidated Statement of Operations Data
|
|
(in $000s except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30,
|
|
|
|
Nine Months Ended Sept. 30,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product net revenues
|
|
|
|
$
|
—
|
|
|
|
|
$
|
34
|
|
|
|
|
$
|
583
|
|
|
|
|
$
|
35
|
|
|
Licensing and other revenues
|
|
|
|
|
871
|
|
|
|
|
|
241
|
|
|
|
|
|
7,131
|
|
|
|
|
|
702
|
|
|
Total net revenues
|
|
|
|
|
871
|
|
|
|
|
|
275
|
|
|
|
|
|
7,714
|
|
|
|
|
|
737
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product net revenues
|
|
|
|
|
—
|
|
|
|
|
|
51
|
|
|
|
|
|
396
|
|
|
|
|
|
411
|
|
|
Selling, general and administrative
|
|
|
|
|
852
|
|
|
|
|
|
1,977
|
|
|
|
|
|
3,667
|
|
|
|
|
|
5,413
|
|
|
Research and development
|
|
|
|
|
1,104
|
|
|
|
|
|
2,617
|
|
|
|
|
|
3,363
|
|
|
|
|
|
6,292
|
|
|
Total operating expenses
|
|
|
|
|
1,956
|
|
|
|
|
|
4,645
|
|
|
|
|
|
7,426
|
|
|
|
|
|
12,116
|
|
|
Income (loss) from operations
|
|
|
|
|
(1,085
|
)
|
|
|
|
|
(4,370
|
)
|
|
|
|
|
288
|
|
|
|
|
|
(11,379
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
—
|
|
|
|
|
|
4
|
|
|
|
|
|
3
|
|
|
|
|
|
10
|
|
|
Foreign exchange (loss) gain
|
|
|
|
|
207
|
|
|
|
|
|
(621
|
)
|
|
|
|
|
(57
|
)
|
|
|
|
|
38
|
|
|
Warrant amendment expense
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(936
|
)
|
|
|
|
|
—
|
|
|
Interest expense
|
|
|
|
|
(254
|
)
|
|
|
|
|
(409
|
)
|
|
|
|
|
(997
|
)
|
|
|
|
|
(870
|
)
|
|
Other income (expense), net
|
|
|
|
|
(47
|
)
|
|
|
|
|
(1,026
|
)
|
|
|
|
|
(1,987
|
)
|
|
|
|
|
(822
|
)
|
|
Net loss before income taxes
|
|
|
|
|
(1,132
|
)
|
|
|
|
|
(5,396
|
)
|
|
|
|
|
(1,699
|
)
|
|
|
|
|
(12,201
|
)
|
|
Income taxes
|
|
|
|
|
—
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
(2
|
)
|
|
|
|
|
(4
|
)
|
|
Net loss
|
|
|
|
$
|
(1,132
|
)
|
|
|
|
$
|
(5,397
|
)
|
|
|
|
$
|
(1,701
|
)
|
|
|
|
$
|
(12,205
|
)
|
|
Deemed dividends on convertible
preferred stock
|
|
|
|
|
(1,624
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(3,550
|
)
|
|
|
|
|
—
|
|
|
Loss attributable to common
stockholders
|
|
|
|
$
|
(2,756
|
)
|
|
|
|
$
|
(5,397
|
)
|
|
|
|
$
|
(5,251
|
)
|
|
|
|
$
|
(12,205
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per common share
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
$
|
(0.08
|
)
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding
|
|
|
|
|
84,618,394
|
|
|
|
|
|
71,003,667
|
|
|
|
|
|
81,826,154
|
|
|
|
|
|
67,406,765
|
|
|
|
|
EpiCept Corporation and Subsidiaries
|
|
(Unaudited)
|
|
Selected Consolidated Statement of Cash Flows Data
|
|
(in $000s)
|
|
|
|
|
|
|
|
Nine Months Ended Sept. 30,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
$
|
(4,189
|
)
|
|
|
|
$
|
(10,085
|
)
|
|
Net cash (used in) provided by investing activities
|
|
|
|
|
(1,107
|
)
|
|
|
|
|
111
|
|
|
Net cash provided by financing activities
|
|
|
|
|
60
|
|
|
|
|
|
18,156
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(11
|
)
|
|
|
|
|
(1
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
(5,247
|
)
|
|
|
|
|
8,181
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
|
6,378
|
|
|
|
|
|
2,435
|
|
|
Cash and cash equivalents at end of year
|
|
|
|
$
|
1,131
|
|
|
|
|
$
|
10,616
|
|
|
|
|
|
|
EpiCept Corporation and Subsidiaries
|
|
(Unaudited)
|
|
Selected Consolidated Statement of Stockholders' Deficit Data
|
|
(in $000s)
|
|
|
|
|
|
|
|
Nine Months Ended Sept. 30,
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit at beginning of year
|
|
|
|
$
|
(17,146
|
)
|
|
|
|
$
|
(14,135
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss for the period
|
|
|
|
|
(1,701
|
)
|
|
|
|
|
(12,205
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
394
|
|
|
|
|
|
753
|
|
|
Foreign currency translation adjustment
|
|
|
|
|
47
|
|
|
|
|
|
(83
|
)
|
|
Share and warrant issuance
|
|
|
|
|
2,833
|
|
|
|
|
|
11,416
|
|
|
Warrant amendment expense
|
|
|
|
|
936
|
|
|
|
|
|
—
|
|
|
Exercise of warrants
|
|
|
|
|
1,469
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit at end of year
|
|
|
|
$
|
(13,168
|
)
|
|
|
|
$
|
(14,254
|
)
|
|
|
EpiCept had 92,220,376 shares outstanding as of October 31, 2012.
EpiCept expects to release its results for the year ending December 31,
2012 on or about February 28, 2013.
*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
@LHA_IR_PR
Source: EpiCept Corporation
News Provided by Acquire Media
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