EpiCept Announces Changes to Its Board of Directors
Robert W. Cook, 914-606-3500Greg Kelley, 617-577-8110
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.
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 Ceplenein 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.
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 crolibulinwill not be successful, the risk that AmiKet™ or crolibulinwill 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 Ceplenewill 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 or at . 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.