TARRYTOWN, N.Y., Aug. 24 EpiCept Corporation(Nasdaq and OMX Nordic Exchange: EPCT) announced today that on August 22, 2007TVM III Limited Partnership ("TVM III"), TVM IV GmbH & Co. KG ("TVM IV") andMr. John J. DiBello each entered into trading plans with Deutsche BankSecurities Inc. pursuant to Rule 10b5-1 of the Exchange Act of 1934. ThePlans follow the recent expiration of similar plans that were adopted in June2006.
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Dr. Gert Caspritz, a director of the Company, is a General Partner and anInvestment Manager in the healthcare and life sciences group of TVM Capital,which is the general partner of each of TVM III and TVM IV. In addition, Mr.John J. DiBello is an affiliate of the Company and a Partner of TVM Capital.Under these trading plans, the Company's stock price must reach a minimum of$4.00 per share before any of TVM III's, TVM IV's or Mr. DiBello's shares maybe sold. Under these plans, each 10b5-1 plan shareholder has authorized thesale of up to the full amount of their holdings of EpiCept common stock.
Under the plans, the 10b5-1 shareholders may sell 25% of their individualholdings at a price range of $4.00 to $6.49 per share, 25% of their individualholdings at a price range of $6.50 to $8.99 per share, an additional 25% oftheir individual holdings at a price range of $9.00 to $11.49 per share, andthe final 25% of their individual holdings at a price at or above $11.50 pershare. Sales under the plans may begin on August 22, 2007, and the plans arescheduled to continue for 12 months from the date of inception.
The plans also provide that the shares are to be sold pro-rata as allowedpursuant to Rule 144 of the Securities Act of 1933. The common stock saleswill occur from time to time in accordance with the trading plans and will beconducted under the direction of Deutsche Bank Securities Inc. TVM III, TVM IVand Mr. DiBello will report the sales as appropriate in filings with theSecurities and Exchange Commission as required by law.
In order to maintain compliance with the rules of the OMX Nordic StockExchange (where, in addition to Nasdaq, the Company's securities are listedunder the ticker symbol: EPCT), the plans provide that no trading shall takeplace during the 30-day period prior to the release of financial statementsfor the prior quarter, resulting in the following restricted periods:September 17, 2007 - November 16, 2007, December 18, 2007 - May 19, 2008, andJune 17, 2008 - August 18, 2008; provided that the end of each restrictedperiod shall be extended to the date of the actual public announcement of theCompany's results or such later date as required by the OMX Nordic Exchange.
About EpiCept Corporation
EpiCept is focused on unmet needs in the treatment of pain and cancer.EpiCept has a staged portfolio of pharmaceutical product candidates withseveral pain therapies in late-stage clinical trials, and a lead oncologycompound (for acute myeloid leukemia, or AML) with demonstrated efficacy in aPhase III trial; a marketing authorization application for this compound hasbeen submitted in Europe. EpiCept is based in Tarrytown, N.Y., and itsresearch and development team in San Diego is pursuing a drug discoveryprogram focused on novel approaches to apoptosis.
This news release and any oral statements made with respect to theinformation contained in this news release, contains forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. Such forward-looking statements include statements which expressplans, anticipation, intent, contingency, goals, targets, future developmentand are otherwise not statements of historical fact. These statements arebased on EpiCept's current expectations and are subject to risks anduncertainties that could cause actual re