EpiCept Regains Rights to Azixa® from Licensee Myrexis

  EpiCept Regains Rights to Azixa® from Licensee Myrexis

Business Wire

TARRYTOWN, N.Y. -- September 05, 2012

Regulatory News:

EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) announced
today it has received notice of termination, effective as of August 28, 2012,
of its License and Collaboration Agreement with Myrexis, Inc. Among the
compounds that had been licensed to Myrexis under the terminated agreement was
EpiCept's anti-cancer drug candidate Azixa^®.

Azixa^® is a vascular disruption agent discovered by EpiCept that has
demonstrated potent anti-cancer activity. Azixa^® has received orphan drug
status in the U.S. for the treatment of glioblastoma multiforme (GBM).

In February 2012, Myrexis suspended development activities of all its
preclinical and clinical programs in oncology and autoimmune diseases, and in
May 2012 stated that it is focused on the identification, evaluation and
acquisition of appropriate commercial-stage assets. Accordingly, Myrexis has
elected to terminate its efforts to develop and commercialize any product,
including Azixa^®, in any major market as such products and markets are
defined in the License and Collaboration agreement dated November 19, 2003. As
a result of the termination of the agreement, all rights and licenses granted
under the agreement by EpiCept to Myrexis have terminated and reverted to
EpiCept.

“We are pleased to regain rights to Azixa^® following suspension of
development efforts by Myrexis last September,” remarked Robert Cook, interim
President and CEO of EpiCept. “We will now seek to exploit Azixa^®’s potential
with prospective partners.”

Azixa^® was the subject of a two-arm Phase 2b trial in patients newly
diagnosed with GBM initiated in December 2010, but not completed by Myrexis
following its decision to suspend development in September 2011.

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 chemotherapy-induced peripheral neuropathy (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. Azixa^® has now been
added to the Company’s portfolio of products available for partnering or other
development.

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 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 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. 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 clinical trials for AmiKet™ or crolibulin^TM will not be successful,
the risk that AmiKet™ or crolibulin^TM 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.

*Azixa is a registered trademark of Myrexis, Inc.

Contact:

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
 
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