• EpiCept Corp., of Tarrytown, N.Y., said its stockholders approved a $10 million private placement of 6.9 million shares at $1.46 per share as well as warrants for an additional 3.4 million shares priced at $1.47 per share. Stockholders also approved a standby equity distribution agreement with Cornell Capital Partners LP for the issuance, from time to time, of up to 19.9 percent of the company's stock at a discount in exchange for $15 million.

• Lpath Inc., of San Diego, received about $13.9 million in the first closing of a private placement of Class A stock priced at 95 cents per share. Each investor also received warrants to purchase the number of shares of Class A stock equal to 35 percent of the shares purchased in the financing. Warrants have a five-year term and are immediately exercisable at a price of $1.05 each. Lehman Brothers and William Harris Investors led the round, which also included investments by Roaring Fork Capital SBIC LP and the Peierls Foundation Inc., along with company executives, other key employees and affiliates. Lpath said proceeds will be used to take its lead compound, Sphingomab, into the clinic and to further develop the company's other therapeutic programs. Jeffrey Ferrell, of Lehman Brothers joined Lpath's board. Griffin Securities and McGinn Smith served as placement agents.

• Redpoint Bio Corp., of Cranbury, N.J., completed a $13 million final close of its previously announced $20 million private placement, bringing the total funds raised to $33 million. Redpoint is a wholly-owned subsidiary of Robcor Properties Inc., a shell which will soon assume the name of its subsidiary and conduct a reverse stock split. The company develops taste enhancers for the pharmaceutical, food and beverage industries.

• Xechem International Inc., of New Brunswick, N.J., said its subsidiary, Xechem Pharmaceuticals Nigeria Ltd., collected a previously approved loan of 350 million naira (US$2.6 million) from the Nigerian Export-Import Bank for the construction of a manufacturing facility. Set to open in the fourth quarter, the facility will produce the anti-sickling drug Nicosan, which has been marketed on a limited basis in Nigeria since mid-2006.

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