EpiCept Announces Receipt of Nasdaq Determination

EpiCept Announces Receipt of Nasdaq Determination

    TARRYTOWN, N.Y.--(BUSINESS WIRE)--May 9, 2008--Regulatory News:

    EpiCept Corporation (Nasdaq and OMX Nordic Exchange: EPCT) today
announced that on May 7, 2008 it was notified by the Nasdaq Listing
Qualifications Department that EpiCept has not regained compliance
with the continued listing requirements of The Nasdaq Capital Market
because the market value of EpiCept's listed securities fell below
$35,000,000 for ten consecutive trading days (pursuant to Rule
4310(c)(3)(B) of the Nasdaq Marketplace Rules). As a result, its
securities are subject to delisting from The Nasdaq Capital Market.

    On April 8, 2008, EpiCept announced that the Nasdaq Listing
Qualifications Department notified EpiCept on April 4, 2008 that it
was not in compliance with the market value requirement. Pursuant to
Nasdaq Marketplace Rule 4310(c)(8)(C), EpiCept was provided a period
of 30 calendar days, or until May 5, 2008, to regain compliance.

    EpiCept intends to request a hearing before a Nasdaq Listing
Qualifications Panel to review this determination. EpiCept's
securities will remain listed on The Nasdaq Capital Market pending the
Panel's decision. EpiCept expects the hearing to be held in
approximately 30 to 45 days and the Panel's decision to be announced
within 30 to 45 days after the hearing. In the event EpiCept's
securities are delisted from The Nasdaq Capital Market, EpiCept's
securities may also be eligible to trade on the over-the-counter
market.

    About EpiCept Corporation

    EpiCept is focused on unmet needs in the treatment of pain and
cancer. The Company's broad portfolio of pharmaceutical product
candidates includes several pain therapies in clinical development and
a lead oncology compound for AML with demonstrated efficacy in a Phase
III trial; a marketing authorization application for this compound is
approaching a decision in Europe. In addition, EpiCept's ASAP
technology, a proprietary live cell high-throughput caspase-3
screening technology, can efficiently identify new cancer drug
candidates and molecular targets that selectively induce apoptosis in
cancer cells. Two oncology drug candidates currently in clinical
development that were discovered using this technology have also 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, 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 the
Company's securities may be delisted by the Nasdaq Capital Market and
that any appeal of the delisting determination may not be successful,
the risk that our appeal of the negative opinion regarding the MAA for
Ceplene(R) will not be successful and that Ceplene(R) will not receive
regulatory approval or marketing authorization in the EU, the risk
that Ceplene(R), if approved, will not achieve significant commercial
success, the risks associated with our need to raise additional
financing to continue to meet our capital needs and our ability to
continue as a going concern, the risk that Myriad's development of
Azixa(TM) will not be successful, the risk that Azixa(TM) 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 or EPC2407 will not be successful,
the risk that NP-1 or EPC2407 will not receive regulatory approval or
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; 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.

    *Azixa is a registered trademark of Myriad Genetics, Inc.

    EPCT-GEN


    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:
             Lippert/Heilshorn & Associates
             Kim Sutton Golodetz, 212-838-3777
             kgolodetz@lhai.com
             or
             Bruce Voss, 310-691-7100
             bvoss@lhai.com