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Additional information

Additional	Information
Market:	OTCBB
Sector:	Pharmaceuticals
Epic:	.ACCP
News:	Latest news
Web Site:	Access Pharmaceuticals
Other Articles:	05-02-201022-01-201007-01-2010

Access Pharmaceuticals’ MuGard used to treat 2,000 cancer patients since launch in Europe

by Sergei Balashov

Shares in Access Pharmaceuticals (OTCBB: ACCP)(“Access”) slipped back in trading this morning despite reporting yesterday that over  2,000 cancer patients have been treated with its novel rinse, MuGard, which targets oral mucositis - a debilitating side effect of radiation treatment and chemotherapy.

Access is seeking to establish the product as the treatment-of-choice to prevent and treat oral mucositis. MuGard has already secured CE mark certification in Europe and is approved by the FDA (Food and Drugs Administration) in the US, and is currently conducting pre-marketing activities ahead of its commercial launch in H1 2010 in the US.

Since MuGard’s launch in six European countries by partner SpePharm, which included the UK, Germany, Italy, Norway, Greece and Sweden, over 15,000 bottles of MuGard have been used by over 2,000 patients, including patients using the treatment prohylactically and those using it following the onset of oral mucositis. The company said the initial feedback reflected that MuGard was well acecepted by both patients and healthcare professionals both as a preventative and curative treatment for oral mucositis.

“Access is pleased with the early acceptance of MuGard as a preventative and curative treatment for oral mucositis; we hope to be able to leverage SpePharm's early experiences around its launch in Europe to jump start our efforts here throughout the remainder of the year and into 2010,” said President and Chief Executive of Access Pharmaceuticals, Jeffrey Davis.

SpePharm is currently gathering feedback from clinicians in the UK, Germany and Italy that are participating in a patient assessment project, expecting that out of a total of approximately 1,500 patients who will be given MuGard in this project, a consistent number of patient forms will be collected by year end, and the information will be quality checked for potential presentation at a scientific or medical conference or meeting in the first half of 2010.

MuGard’s introduction into several additional countries in Europe is anticipated over the next 12 to 18 months.
ChangeWave, a research network for institutional and private investors, stated in November that it expected to see cash flow “steadily ramp up on the coming quarters” as Mugard is fully commercialized.  ChangeWave’s Editor, Joshua Levine  also noted that the company’s pharmaceutical-type margins would “instantly” impact its financial situation.

Griffin Securities in New York also recently put some numbers to Access’ potential. In the broker’s most recent note, it placed a price target of $11.00 per share on Access, based on projected sales forecasts for MuGard, plus potential milestone payments related to the company’s additional pipeline drugs including: ProLindac, a DACH platinum drug in Phase II trials,  Thiarabine, an anti-inflammatory drug for arthritis, and Cobalamin, a nanopolymer delivery technology based on vitamin B12.

Griffin is forecasting revenues of $2 million FY 2009, rising to $12.6 million in 2010, $29.5 million in 2011, US$48.6 million in 2012 and US$101 million in 2013.  Earnings per share rise at an equally fast pace from a loss per share of 61 cents in 2009 to earnings per share of $1.09 in 2013.

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