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Three days ago I wrote that Epicept (OTC:EPCT) was a stock worth watching as the company signed a partner to distribute Ceplene in a world wide named patient program.

The news that Ceplene, Epicept's drug that is intended to prevent leukemia relapse in patients with Acute Myeloid Leukemia (AML), is now available for compassionate use is good news for the company and it's investors.

The real news will come, however, when a distribution partner for Europe is announced. Ceplene has been approved there since late last year, but although Epicept CEO Jack Talley continues to insist that the company is in advanced negotiations with a prospective partner, an agreement has yet to materialize.

Possibly in an attempt to up the ante for any prospective partner, Epicept released data on Thursday that highlighted encouraging results from long term data collected on patients who were treated with Ceplene in a Phase III trial. The data showed that Ceplene is increasingly effective in preventing the relapse of AML.

Epicept's stock traded over one million shares on the news, a monumentally significant amount considering the usual scant volume, but aside from an initial spike when trading commenced on Thursday, the price increase was minimal.

An early-hours Friday press release stated that Talley will present at the 5th Annual Noble Financial Equity Conference on June 9th, but it's unlikely anything new will be presented there. The fact that Talley is even bothering with that conference tells me that the company is still searching for a partner.

That being said, Epicept looks to be on a PR compaign lately and the high volume could indicate a big move is coming.

This stock has disappointed before, but with speculative money coming back into the market, EPCT may be primed for a recovery. If a run starts, a quick double may be in the works before moving higher.

Regarding my investment in EPCT, however, it's Azixa that has me compelled.

Disclosure: Author holds positions in EPCT