Access Pharmaceuticals Raises $6.3 Million In Registered Direct Offering
January 22 2010 - 9:29AM
PR Newswire (US)
DALLAS, Jan. 22 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS,
INC. (OTC:ACCP) (BULLETIN BOARD: ACCP) , today announced that it
has entered into definitive agreements with accredited investors to
sell in a registered direct offering an aggregate of 2.10 million
shares of its common stock at a price of $3.00 per share for
aggregate gross proceeds of $6.3 million. Additionally, at the
closing, Access will issue to the investors warrants to purchase,
in the aggregate, approx. 1.05 million shares of common stock at a
price of $3.00 per share, which warrant are exercisable immediately
for a term of 5 years from the closing date. The closing of the
offering is expected to take place subject to the satisfaction of
customary closing conditions. Rodman & Renshaw, LLC, a wholly
owned subsidiary of Rodman & Renshaw Capital Group, Inc.
(NASDAQ:RODM), acted as the Company's sole lead placement agent in
connection with the offering. EarlyBirdCapital, Inc. acted as a sub
agent in connection of the offering. "With our strategy of
partnering and managing our cash burn, this additional capital from
current and new investors will provide runway for meaningful
progress with our MuGard, Prolindac, Thiarabine and Cobalmin
programs," stated Jeffrey B. Davis, President & CEO. 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 Contact: Investor Relations
---------------- --------------------------- Donald C.
Weinberger/Diana Bittner Stephen B. Thompson (media) Vice
President, Chief Financial Officer Wolfe Axelrod Weinberger Assoc.
LLC Access Pharmaceuticals, Inc. (212) 370-4500 (214) 905-5100
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://accesspharma.com/
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