DALLAS and NEW YORK, Sept. 22,
2014 /PRNewswire/ -- ACCESS PHARMACEUTICALS, INC. (OTCBB:
ACCP), has signed an exclusive, global license agreement with
Plasma Technologies LLC ("PlasmaTech") for the development and
commercialization of its proprietary plasma fractionation process.
Concurrently, the Company announced a new corporate management team
and its intention to strategically refocus and rebrand the company
as PlasmaTech Biopharmaceuticals, Inc.™, and its plans to pursue a
national listing for its common shares.
Under the terms of the licensing agreement, the Company will pay
a license fee of $5 million in a
combination of cash and common stock subject to the achievement of
certain events, including, a regulatory approval milestone payment
in common shares upon the first FDA regulatory approval of a drug
derived from the PlasmaTech fractionation process, and a tiered
royalty on annual net sales of plasma fractions produced with the
proprietary fractionation process. Upon execution of the agreement,
to support the Company's new strategic positioning, its Board of
Directors appointed Mr. Scott
Schorer as Chief Executive Officer and Mr. Harrison Wehner as President and Chief Financial
Officer of PlasmaTech BioPharmaceuticals, Inc.
"Following the recent completion of the European license
agreement for MuGard with Norgine, and receiving FDA Marketing
Clearance for ProctiGard, we are pleased to announce the next phase
in our corporate development: an important global license agreement
and the addition of key senior management to the company," stated
Steven Rouhandeh, Chairman of Access
Pharmaceuticals, Inc. He continued, "The PlasmaTech novel
fractionation process can fundamentally change the economic model
for the plasma protein therapeutics market, and provides the
opportunity for our company to participate in the high-growth area
of plasma biologicals. We are rebranding the Company to better
align its image with future product opportunities. We thank
Jeffrey Davis for his service and
look forward to his continued advice and guidance as a
director."
The global market for drugs derived from human blood plasma
fractionation is currently greater than US$15 billion, and is growing at a rate close to
10% annually. Despite this significant market opportunity, little
innovation in fractionation technology has occurred in decades.
PlasmaTech has developed and patented a new extraction process for
plasma biologics that may fundamentally change the economics of
blood plasma fractionation, and makes possible the extraction of
several additional therapeutically useful plasma proteins. The
Company believes that PlasmaTech's proprietary fractionation
process is expected to significantly enhance yields of key value
blood proteins, including alpha-1 antitrypsin, expanding market
opportunities while greatly enhancing margins. The Company obtained
rights to utilize and sub-license to other pharmaceuticals firms,
the recently patented improved methods for the extraction of
therapeutic biologics from human plasma. The Company believes that
PlasmaTech's lead product opportunity, alpha-1 antitrypsin (ATT),
will offer a low-risk, high revenue, short time-to-market
respiratory product (AAT) for treatment of inherited COPD
(pulmonary emphysema), among other indications. Additionally, the
ability to extract several additional therapeutically useful and
important proteins, due to the process being less destructive than
historical fractionation processes, may enable the Company to seek
new therapeutic applications and address high-value-added orphan
indications.
"I am pleased to be joining PlasmaTech Biopharmaceuticals at
this exciting time in its development," stated Scott Schorer, Chief Executive Officer. "The
innovative and disruptive fractionation technology can translate
into significant value for shareholders, both directly and through
multiple partnering and sub-licensing opportunities. I look forward
to working with all of the Company's stakeholders in maximizing
this significant opportunity."
"The base technology of the plasma fractionation business has
evolved very little since the original Cohn cold ethanol process,
developed in the 1940's," stated Harrison
Wehner, President and Chief Financial Officer. "The ability
to greatly enhance yields of specific proteins using our technology
will enable expanded supplies to meet the growing needs of these
types of drugs globally. We look forward to working with global
plasma fractionators, contract manufacturers and eventually
pharmaceuticals companies to implement this proprietary process,
produce proteins and drive value for the Company's
shareholders."
Mr. Scott Schorer has been
appointed Chief Executive Officer of PlasmaTech Biopharmaceuticals.
He has served over 18 years in a variety of senior management and
board positions, including as CEO and President, and has experience
in all aspects of operations including research and development,
intellectual property, manufacturing, sales and marketing.
Additionally, Mr. Schorer has extensive experience as advisor to
operating companies, venture capital firms and private equity
firms. Previously, he was President, Americas, of Systagenix Wound
Management, was President & CEO of Innovative Spinal
Technologies, and was Co-Founder, President & CEO of CentriMed.
Mr. Schorer served with distinction in the US Army, 82nd
Airborne, and holds a B.E and B.A. from Dartmouth College and Thayer
School of Engineering.
Mr. Harrison Wehner has been
appointed President and Chief Financial Officer. Mr. Wehner has
over 20 years experience in investment banking advising on equity
and debt finance and mergers and acquisitions advisory assignments.
Previously, Mr. Wehner held various senior banking roles at
Canaccord Genuity, CitiGroup, and UBS where he worked on a variety
of banking transactions in the healthcare sector, including
advisory and transactional experience in the blood fractionation
business. Mr. Wehner holds a BA from The College of William and Mary, and an MBA from the
Ross School of Business at the University of
Michigan.
The Company is planning to schedule an investor conference call
shortly to update investors on the recent developments.
About Plasma Technologies LLC
Plasma biologics
primarily address indications arising from genetic deficiencies,
but in recent years, numerous other indications have been
identified. This has created an underserved worldwide market
exceeding $15 billion, growing at
close to 10% annually. PlasmaTech's recently patented sodium
citrate precipitation process, with patent protection beyond 2030,
provides a more efficient, less denaturing approach. For more
information, visit: www.plasmatechnologies.us.
About Access
Access Pharmaceuticals, Inc. is an
emerging biopharmaceutical company that develops and commercializes
proprietary products for the treatment and supportive care of
cancer patients. Access developed MuGard™ and
ProctiGard™ and is developing multiple follow-on products.
Access also has other advanced drug delivery technologies including
CobaCyte™-mediated targeted delivery and CobOral drug delivery, its
proprietary nanopolymer delivery technology based on the natural
vitamin B12 uptake mechanism. For additional information on Access
Pharmaceuticals, please visit our website at
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: clinical trial plans
and timelines and clinical results for the plasma fractionation
technology, MuGard and ProctiGard; the Company's plans to pursue a
national listing for its shares in an up-listing transaction; the
Company's intention to strategically refocus, and rebrand, the
company as PlasmaTech Biopharmaceuticals, Inc.; that Plasma
Technologies novel fractionation process can fundamentally change
the economic model for the blood plasma protein market, and
provides the opportunity for our company to participate in the
high-growth area of plasma biological; that the global market for
drugs derived from human blood plasma fractionation is currently
greater than US$15 billion, and is
growing at a rate close to 10% annually; that Plasma Technologies
has developed and patented a new extraction process for plasma
biologics that may fundamentally change the economics of blood
plasma fractionation and make possible the extraction of several
additional therapeutically useful plasma proteins; our belief that
Plasma Technologies' proprietary fractionation process is expected
to significantly enhance yields of key value blood proteins,
including alpha-1 antitrypsin, expanding market opportunities,
while greatly enhancing margins; the Company's belief that Plasma
Technologies' lead product opportunity, alpha-1 antitrypsin (ATT),
offers a low-risk, high revenue, short time-to-market respiratory
product (AAT) for treatment of inherited COPD (pulmonary
emphysema); our belief that this technology has the ability to
greatly enhance yields of specific proteins using our technology
would enable expanded supplies to meet the growing needs of these
types of drugs globally; 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 to 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.
Company and Media Contact:
Christine Berni
Director of Investor Relations
Access Pharmaceuticals, Inc.
(212) 786-6208
SOURCE Access Pharmaceuticals, Inc.