Healthcare Industry News: Epitome Pharmaceuticals
News Release - July 19, 2007
EpiCept Establishes Direct Licensing Agreement with Dalhousie University for EpiCept(TM) NP-1TARRYTOWN, N.Y., July 19 (HSMN NewsFeed) -- EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) today announced that it has converted a sublicense agreement previously established with Epitome Pharmaceuticals Limited, related to EpiCept's product candidate EpiCept(TM) NP-1, into a direct license with Dalhousie University a comprehensive, research-intensive university located in Halifax, Nova Scotia, Canada. EpiCept NP-1 is a topical prescription analgesic cream for the long-term relief from the pain of peripheral neuropathies, which is currently undergoing clinical trials.
In August 1999, EpiCept entered into a sublicense agreement with Epitome Pharmaceuticals which granted EpiCept an exclusive license to certain patents licensed to Epitome by Dalhousie University. These, and other patents, cover the combination treatment consisting of amitriptyline and ketamine in EpiCept NP-1. Under this new arrangement, EpiCept gains more favorable terms, including a lower maintenance fee obligation and reduced royalty rate on future product sales.
"We are very pleased to have reached an agreement with Dalhousie," said Jack Talley, President and CEO of EpiCept. "The terms of this agreement will provide EpiCept with distinct advantages to the previous agreement throughout the entire development and evolution of this important pain product candidate."
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 with several pain therapies in late-stage clinical trials, and a lead oncology compound (for acute myeloid leukemia, or AML) with demonstrated efficacy in a Phase III trial; a marketing authorization application for this compound is under review by the European Agency for the Evaluation of Medicinal Products (EMEA). EpiCept is based in Tarrytown, N.Y., and its research and development team in San Diego is pursuing a drug discovery program focused on novel approaches to apoptosis.
This news release and any oral statements made with respect to the information contained in this news release, contains 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 EpiCept's 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 risk that Myriad's development of Azixa will not be successful, 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 Myriad, the risk that the development of our other apoptosis product candidates will not be successful, the risk that our ASAP technology will not yield any successful product candidates, the risk that clinical trials for NP- 1 will not be successful, that NP-1 will not receive regulatory approval or achieve significant commercial success, the risk that Ceplene will not receive regulatory approval or marketing authorization in the EU, 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 EpiCept will not obtain approval to market any of its product candidates, the risks associated with reliance on additional outside financing to meet its capital requirements, 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; competition; litigation; risks associated with our ability to have our common stock readmitted to trading on The Nasdaq Global Market; risks associated with prior material weaknesses in our internal controls; and risks associated with our ability to protect our intellectual property. These factors and other material risks are more fully discussed in EpiCept's periodic reports, including its 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 EpiCept's 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.
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