The Collaborative International Dictionary of English v.0.48:

Excipient \Ex*cip"i*ent\, a. [L. excipients, -entis, p. pr. of
   exipere. See Except, v. t.]
   Taking an exception.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Excipient \Ex*cip"i*ent\, n.
   1. An exceptor. [R.]
      [1913 Webster]

   2. (Med., Pharmacy) An inert or slightly active substance
      used in preparing remedies as a vehicle or medium of
      administration for the medicinal agents. --Chambers.
      Exciple