Under the terms of the amended agreement, EpiCept has granted Durect royalty-free, fully paid up, perpetual and irrevocable rights to the intellectual property licensed as part of the original agreement in exchange for a cash payment of $2.25 million from Durect.
EpiCept intends to use the proceeds of this non-dilutive cash payment as working capital and for general corporate purposes as the company prepares for the launch of Ceplene (histamine dihydrochloride) following receipt of final marketing authorization in Europe, which EpiCept anticipates receiving within the next several weeks.