March 6 (Bloomberg) -- EpiCept Corp., the U.S. drugmaker whose leukemia treatment was rejected by a regulatory panel, rose from a record low in Stockholm trading after earning a payment related to the development of a melanoma therapy.

EpiCept gained 0.5 krona, or 0.9 percent, to 5.75 kronor, after slumping to an all-time low of 5 kronor earlier in the day. The gain gave the Tarrytown, New York-based company a market value of 93.88 million kronor ($15.39 million).

EpiCept will get a milestone payment from Salt Lake City, Utah-based Myriad Genetics Inc. after meeting a development goal in trials of a treatment against melanoma that has spread to the brain, EpiCept said in a Business Wire statement. The size of the payout wasn't disclosed.

``We are pleased at the progress Myriad has made with Azixa and the promise it holds for cancer patients,'' John Talley, EpiCept's president and chief executive officer, said in the statement.

On Feb. 28, the drugmaker said a European Medicines Agency panel turned down Ceplene, a treatment to prevent relapse of acute myeloid leukemia.

To contact the reporter on this story: Jakob Lindstroem in Stockholm at jlindstroem@bloomberg.net.

Last Updated: March 6, 2008 11:55 EST