CEO of Immune Pharmaceuticals to Present at BioEquity Europe 2013

UPDATE ON BERTILIMUMAB DEVELOPMENT AND EPICEPT MERGER PROCESS
HERZLIYA-PITUACH, Israel & TARRYTOWN, N.Y.--(BUSINESS
WIRE (http://www.businesswire.com/))-- Regulatory News:

Immune Pharmaceuticals Ltd. (“Immune”), a privately held Israeli company, and
EpiCept Corporation (Nasdaq OMX Stockholm Exchange and OTCQX: EPCT) announced
today that Daniel Teper, Chief Executive Officer of Immune, will be presenting
at the BioEquity Europe 2013 conference at the Varumottagning Sheraton Hotel in
Stockholm, Sweden on Thursday, May 23, at 1:30 PM local time in the St.
Eriksalen Room. Dr. Teper will provide an update on the Immune/EpiCept merger
and present an overview of the companies' products bertilimumab, NanomAbs, and
AmiKet. The presentation will not be webcast, but the slide presentation will be
available on both companies' websites."

About the Immune/EpiCept Merger

In November 2012, Immune and EpiCept announced that they had entered into a
definitive merger agreement. The transaction is currently anticipated to close
during the third quarter of 2013 and is subject to satisfaction of certain
customary closing conditions, including the approval of a majority of EpiCept
shareholders.

Additional Information

In connection with the proposed merger transaction, EpiCept has filed a
preliminary proxy statement with the U.S. Securities and Exchange Commission
(SEC) and will file a definitive proxy statement with the SEC seeking
appropriate stockholder approval. STOCKHOLDERS OF EPICEPT AND OTHER INVESTORS
ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS TO THE PRELIMINARY PROXY STATEMENT), WHICH IS AVAILABLE NOW, AND THE
DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE
DEFINITIVE PROXY STATEMENT) WHEN IT BECOMES AVAILABLE, REGARDING THE PROPOSED
TRANSACTION BECAUSE IT CONTAINS AND WILL CONTAIN IMPORTANT INFORMATION.
EpiCept's stockholders can obtain a copy of the preliminary proxy statement, and
will be able to obtain a copy of the definitive proxy statement when it becomes
available, as well as other filings containing information about Immune and
EpiCept, without charge, at the SEC's Internet site
(www.sec.gov (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fww
w 
.sec.gov&esheet=50637737&lan=en
-US&anchor=www.sec.gov&index=1&md5=a36a2dc8aafdf4225961edccc1f6a49b)). Copies of
the preliminary proxy statement, and the definitive proxy statement when it
becomes available, and any filings with the SEC that are incorporated by
reference in the proxy statement can also be obtained, without charge, by
directing a request to EpiCept Corporation, 777 Old Saw Mill River Rd,
Tarrytown, NY 10591, Attention: Investor Relations, Telephone: (914) 606-3500.

Participants in the Solicitation

EpiCept and its directors and executive officers and Immune and its directors
and executive officers may be deemed to be participants in the solicitation of
proxies from the stockholders of EpiCept in connection with the proposed
transaction. Computer Share AB will assist EpiCept in soliciting proxies from
Swedish stockholders. Information regarding the direct and indirect interests of
these directors and executive officers and Computer Share AB in EpiCept, Immune
and the merger transaction is included in the preliminary proxy statement, and
will be included in the definitive proxy statement when it becomes available, of
EpiCept referred to above. Additional information regarding the directors and
executive officers of EpiCept is also included in EpiCept's Annual Report on
Form 10-K for the fiscal year ended December 31, 2012, which was filed with the
SEC on March 5, 2013. This document is available free of charge at the SEC's web
site
(www.sec.gov (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fww
w 
.sec.gov&esheet=50637737&lan=en
-US&anchor=www.sec.gov&index=2&md5=6cc701153b05dd856618f2f68ae9f4cb)) and from
Investor Relations at EpiCept at the address described above.

This communication shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of 1933,
as amended (the “Act”). The securities issued in exchange for all of the
outstanding shares of Immune will not be and have not been registered under the
Act and may not be offered or sold in the United States absent registration or
an applicable exception from registration requirements.

The merger agreement and any accompanying issuance of shares by Immune
Pharmaceuticals are not, under any circumstances, to be construed as an
advertisement or a public offering of securities in Israel. Any public offer or
sale of securities in Israel may be made only in accordance with the Israeli
Securities Act-1968 (which requires, inter alia, the filing of a prospectus in
Israel or an exemption therefrom).

About Immune Pharmaceuticals Ltd.

Immune Pharmaceuticals Ltd. is an Israel and U.S.-based biopharmaceutical
company, focused on the development of next generation antibody therapeutics
addressing unmet medical needs in the treatment of inflammatory diseases and
cancer. Immune licensed worldwide rights for systemic indications of
bertilimumab from iCo Therapeutics (TSX: ICO) in June 2011, while iCo retained
rights to all ophthalmic indications. iCo originally licensed the exclusive
world-wide rights to bertilimumab in 2006 from Cambridge Antibody Technology
Limited, now part of MedImmune, the global biologics research and development
arm of AstraZeneca. Additionally, Immune has licensed from Yissum, the
technology transfer company of the Hebrew University of Jerusalem, the
injectable applications of the antibody nanoparticle conjugate technology
(NanomAbs®) developed by Professor Shimon Benita. For more information, visit
the Immune website at:
www.immunepharmaceuticals.com (http://cts.businesswire.com/ct/CT?id=smartlink&ur
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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 IL-2, is intended as remission maintenance therapy
in the treatment of 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 in June 2012. 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. You are urged
to consider statements that include the words “may,” “will,” “would,” “could,”
“should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,”
“anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the
negative of those words or other comparable words to be uncertain and forward
-looking. 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 risk that we may be unable to complete the proposed
merger transaction, the risks associated with the adequacy of our existing cash
resources and our ability to continue as a going concern, the risks associated
with EpiCept’s ability to continue to meet its obligations under its existing
debt agreements, 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 our 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
EpiCept’s periodic reports, including 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 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fus.
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rd.yahoo.com%2F_ylt%3DAgfqFPfVOEK5M4_Rv8aJvhTjba9_%3B_ylu%3DX3oDMTEzM2pvaWgxBHBv
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wMyBHNlYwNuZXdzYXJ0Ym9keQRzbGsDd3d3c2VjZ292%2FSIG%3D15t064n6f%2F**http%253A%2Fct
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-US&anchor=www.sec.gov&index=4&md5=06d595d4666c01f779ea56d9b3a11fd9) or at
www.epicept.com (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2
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us.lrd.yahoo.com%2F_ylt%3DAhBuoawHw6iS3RhJOH9dNNfjba9_%3B_ylu%3DX3oDMTE2OGhhcWs4
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7&lan=en
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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.
Immune Pharmaceuticals:
New York Office:
Anna Baran, 646-937-1941
Director of Corp. Development
anna.baran@immunepharma.com
or
EpiCept Corporation:
Robert W. Cook, 914-606-3500
CEO
rcook@epicept.com