Access Pharmaceuticals (ACCP: OTCBB) is an emerging specialty pharma company developing and commercializing propriety products for the treatment and supportive care of cancer patients. MuGard, its FDA approved treatment for oral mucositis, is commercially launched in Europe, and will launch in the US and Asian in 1Q 2010. ProLindac, which is in pivotal clinical trials, is a new and improved version of Sanofi-Aventis’ Eloxatin, a DACH Platinum chemotherapeutic. Thiarabine is in human trials for the treatment of leukemias and lymphomas. Lastly, ACCP has collaborations in the areas of oral insulin and oral human growth hormone, using it’s proprietary Cobalamin based oral drug delivery platform.
Access Pharmaceuticals To Raise $6.0 Million In Financing
Access Pharmaceuticals (OTCBB: ACCP), an emerging biopharmaceutical company that develops products for the supportive care of cancer patients, announced today it will sell about $6 million worth of stock to accredited investors via a registered direct offering.
The offering consists of 2.3 million shares at $2.55 per share.
At closing, Access will also issue to investors warrants to buy a total of 0.7 million shares of common stock at a price of $3.06 per share. The warrants are exercisable immediately for a term of 5 years from the closing date.
"In addition to providing Access capital to support the commercial launch of MuGard, this financing should prove to be a positive for Access investors, as it also helps shore up our balance sheet for partnering discussions in our various programs," said CEO Jeffrey B. Davis.
The company's MuGard product is a treatment for the inflammation of the mouth's mucosa caused by radiation and chemotherapy in cancer patients.
Hudson Securities, a subsidiary of Hudson Holding Corp.(OTCBB: HDHL), acted as Access' placement agent for the offering.