Business & Finance
Business and Finance
Business and Finance
Tue, June 29, 2010 Rodman & Renshaw, LLC Acts as Exclusive Agent in Public Offering
NEW YORK--([ BUSINESS WIRE ])--Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), announced that its client EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) has entered into definitive agreements for the purchase of approximately 6.1 million shares of common stock at $1.10 per share, five year warrants to purchase up to approximately 4.6 million shares of common stock at an exercise price of $1.57 per share exercisable beginning December 30, 2010 and one year warrants to purchase up to approximately 6.1 million shares of common stock at an exercise price of $1.57 per share exercisable beginning December 30, 2010. EpiCept also has the right to call the short-term warrants if the stock trades at or above $2 per share for 20 consecutive trading days. The offering is expected to close on or about June 30, 2010, subject to the satisfaction of customary closing conditions. EpiCept will receive approximately $6.2 million in net proceeds from the offering.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM - News) acted as the exclusive placement agent for the offering.
Net proceeds from the offering will be used to meet the clienta™s working capital needs and for general corporate purposes. The proceeds of this offering together with existing cash are expected to be sufficient to fund most of the balance of the Companya™s anticipated cash expenditures for 2010.
The proposed public offering is being made pursuant to an effective registration statement, and may be made only by means of a prospectus and prospectus supplement. A copy of the prospectus supplement relating to the common stock and warrants can be obtained from Rodman & Renshaw LLC, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or by calling 212-356-0549.
An electronic copy of the prospectus supplement will also be available on the website of the Securities and Exchange Commission (the aSECa) at [ http://www.sec.gov ].
This press release is neither an offer to sell, nor a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About EpiCept Corporation
EpiCept is focused on the development and commercialization of pharmaceutical products for the treatment of cancer and pain. The Company's lead product is Ceplene®, which has been granted full marketing authorization by the European Commission for the remission maintenance and prevention of relapse in adult patients with Acute Myeloid Leukemia (AML) in first remission. The Company has two 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 Company's pain portfolio includes EpiCepta" NP-1, a prescription topical analgesic cream in late-stage clinical development designed to provide effective long-term relief of pain associated with peripheral neuropathies.
About Rodman & Renshaw
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.
Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.
For more information visit Rodman & Renshaw on the Internet at [ www.rodm.com ]
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