Access Pharmaceuticals Announces Closing of $6.3 Million in Registered Direct Offering
February 02 2010 - 3:22PM
PR Newswire (US)
DALLAS, Feb. 2 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS,
INC. (OTC Bulletin Board: ACCP), today announced that it closed its
previously announced sale of approximately 2.10 million shares of
its common stock and warrants to purchase approximately 1.05
million shares of its common stock for gross proceeds of
approximately $6.3 million on January 22, 2010. Access sold the
shares and warrants for $3.00 per unit (each unit consisting of one
share and a warrant to purchase 0.5 shares of common stock). The
exercise price of the warrants is $3.00 per share. The common stock
and warrants are being offered by Access pursuant to an effective
registration statement(s) on Form S-1 filed with the Securities and
Exchange Commission ("SEC"). A prospectus relating to the offering
will be filed with the SEC. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The securities may only be offered by means
of a prospectus. Copies of the prospectus can be obtained directly
from Rodman & Renshaw, LLC at 1251 Avenue of the Americas, 20th
Floor, New York, NY 10020, or from the SEC's website at
http://www.sec.gov/. About Access: Access Pharmaceuticals, Inc. is
an emerging biopharmaceutical company that develops and
commercializes propriety products for the treatment and supportive
care of cancer patients. Access' products include ProLindac(TM),
currently in Phase 2 clinical testing of patients with ovarian
cancer, and MuGard(TM) for the management of patients with
mucositis. The company also has other advanced drug delivery
technologies including Cobalamin(TM)-mediated targeted delivery and
oral drug delivery, its proprietary nanopolymer delivery technology
based on the natural vitamin B12 uptake mechanism and Thiarabine, a
new generation nucleoside analog which has demonstrated both
pre-clinical and clinical activity in certain cancers. For
additional information on Access Pharmaceuticals, please visit our
website at http://www.accesspharma.com/. This press release
contains certain statements that are forward-looking within the
meaning of Section 27a of the Securities Act of 1933, as amended,
and that involve risks and uncertainties. These statements include
those relating to: our cash burn rate, clinical trial plans and
timelines and clinical results for ProLindac, MuGard, Thiarabine
and Cobalamin and other product candidates, our ability to achieve
clinical and commercial success and our ability to successfully
develop marketed products. These statements are subject to numerous
risks, including but not limited Access' need to obtain additional
financing in order to continue the clinical trial and operations
and to the risks detailed in Access' Annual Reports on Form 10-K
and other reports filed by Access with the Securities and Exchange
Commission. Contact: Company ---------------- Stephen B. Thompson
Vice President, Chief Financial Officer Access Pharmaceuticals,
Inc. (214) 905-5100 Contact: Investor Relations
--------------------------- Donald C. Weinberger/Diana Bittner
(media) Wolfe Axelrod Weinberger Assoc. LLC (212) 370-4500
DATASOURCE: Access Pharmaceuticals, Inc. CONTACT: Stephen B.
Thompson, Vice President, Chief Financial Officer, Access
Pharmaceuticals, Inc., +1-214-905-5100; or Investor Relations:
Donald C. Weinberger or Diana Bittner (media), Wolfe Axelrod
Weinberger Assoc. LLC, +1-212-370-4500 Web Site:
http://www.accesspharma.com/
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