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<SEC-DOCUMENT>0000318306-09-000003.txt : 20090302
<SEC-HEADER>0000318306-09-000003.hdr.sgml : 20090302
<ACCEPTANCE-DATETIME>20090302165231
ACCESSION NUMBER:		0000318306-09-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090302
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090302
DATE AS OF CHANGE:		20090302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACCESS PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000318306
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				830221517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15771
		FILM NUMBER:		09648185

	BUSINESS ADDRESS:	
		STREET 1:		2600 N STEMMONS FRWY
		STREET 2:		STE 176
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75207
		BUSINESS PHONE:		2149055100

	MAIL ADDRESS:	
		STREET 1:		2600 N STEMMONS FRWY
		STREET 2:		STE 176
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMEX PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMEX CORP/WY
		DATE OF NAME CHANGE:	19831102
</SEC-HEADER>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM&#160;2.01&#160;&#160;&#160;&#160;&#160;&#160;COMPLETION
OF ACQUISITION OR DISPOSITION OF ASSETS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 25, 2009, Access Pharmaceuticals, Inc. (&#8220;Access&#8221;) closed its
acquisition of MacroChem Corporation (&#8220;MacroChem&#8221;). In connection with the
acquisition, Access issued as consideration an aggregate of 2.5 million shares
of Access&#8217; common stock to the holders of MacroChem common stock and
in-the-money warrants. In addition, Access is cancelling all of the outstanding
convertible debt of MacroChem for 859,172 shares of unregistered Access common
stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Jeffrey B. Davis, Chief Executive Officer, currently also serves as President of
SCO Securities LLC. SCO Securities LLC is an affiliate of SCO Capital Partners
LLC. SCO Securities LLC&#160;previously served as placement agent in conjunction
with Access&#8217; issuance of Series A Cumulative Preferred Stock.&#160;Mr. Davis is
the managing member of Lake End Capital LLC. Together, SCO Capital LLC and
affiliates and Lake End Capital Partners LLC&#160;have a&#160;beneficial
ownership of more than 10% of the voting stock of Access and prior to the merger
were beneficial owners of more than 10% of the voting stock of MacroChem. Mr.
Davis was also a director of MacroChem Corporation. Immediately prior to
consummation of the merger, David P. Luci was a director and Chief Business
Officer of MacroChem, and Mr. Luci is also a director of Access.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
3.02&#160;&#160;&#160;&#160;&#160;&#160;UNREGISTERED SALES OF EQUITY
SECURITIES.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 25, 2009, and as discussed in Item 2.01 above, Access agreed to issue
859,172 shares of its common stock to the holders of MacroChem convertible notes
in exchange for cancelling all of the outstanding convertible notes of
MacroChem. As a result, each $1.00 payable under the terms of the applicable
MacroChem notes was converted into 1 share of unregistered Access common
stock.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">ITEM
7.01&#160;&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE
&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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the press release issued by us on February 26, 2009, announcing the closing of
the acquisition of&#160;MacroChem Corporation is filed as Exhibit 99.1 and is
incorporated by reference.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DALLAS,
TX, February 26, 2009, Access Pharmaceuticals, Inc. (OTCBB:ACCP) announced today
that it has closed the acquisition of MacroChem Corporation through the issuance
of 2.5 million shares of Access Pharmaceuticals&#8217; common stock, as previously
announced. Access gains the rights to MacroChem&#8217;s product portfolio which
includes two clinical stage oncology products, 4-thio Ara-C (Thiarabine), which
is a next generation nucleoside analogue licensed from Southern Research
Institute and sodium phenylbutyrate, which is licensed from the NIH. MacroChem&#8217;s
portfolio of late stage clinical drug candidates includes Pexiganan, a novel
topical anti-infective for the treatment of diabetic foot infection that has
already completed two Phase 3 clinical trials; EcoNail, a novel topical
treatment for onychomycosis that completed a Phase 2 clinical trial; and two
proprietary dermatology drug platforms, SEPA&#174; and MacroDerm.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
acquisition of MacroChem brings additional late-stage clinical drug candidates
into the Access pipeline,&#8221; stated Jeffrey B. Davis, Access&#8217; President and CEO.
&#8220;We are currently active in partnering and out-licensing discussions, and
MacroChem&#8217;s assets will be added to that partnering effort. The oncology assets
are highly synergistic with the oncology development efforts ongoing at Access
and we look forward to the opportunity to move them along in the
clinic.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About
Thiarabine</font>:&#160;&#160;Thiarabine, or 4-thio Ara-C, is a next generation
nucleoside analogue licensed from Southern Research Institute. The compound has
been in two Phase 1/2 solid tumor human clinical trials and was shown to have
anti-tumor activity. Access is working with leukemia and lymphoma specialists at
M.D. Anderson Cancer Center in Houston and intends to initiate additional Phase
2 clinical trials in adult AML, ALL and other indications.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About
Pexiganan</font>:&#160;&#160;Pexiganan is a novel topical broad-spectrum
antibiotic being developed for the treatment of mild-to-moderate diabetic foot
ulcer infections. Pexiganan has been through two Phase 3</font></div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">-More-</font></div>
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    <div><font style="FONT-WEIGHT: bold">Access Pharmaceuticals, Inc.</font></div>
    <div><font style="FONT-WEIGHT: bold">Page 2</font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">clinical
trials, the data of which was presented last December 15, 2008 in the journal
Clinical Infectious Diseases. Access is actively seeking co-development partners
for Pexiganan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About
EcoNail:&#160;&#160;</font>EcoNail is a proprietary lacquer formulation of the
anti-fungal econazole and MacroChem&#8217;s SEPA for the treatment of onychomycosis.
EcoNail recently completed a Phase 2 clinical trial and the company is currently
evaluating its development and partnering strategy.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About
Phenylbutyrate</font>:&#160;&#160;Sodium phenylbutyrate, an HDAC inhibitor, has
been investigated in multiple Phase 1/2 NIH and clinician-sponsored trials, and
is currently approved by the FDA for the treatment of hyperuremia, a pediatric
orphan indication.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.35pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About Access:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>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&#8482;, currently in Phase 2 clinical testing of
patients with ovarian cancer, and MuGard&#8482; for the management of patients with
mucositis. The company also has other advanced drug delivery technologies
including Cobalamin&#8482;-mediated targeted delivery and oral drug delivery, its
proprietary nanopolymer delivery technology based on the natural vitamin B12
uptake mechanism; Angiolix&#174;, a humanized monoclonal antibody which acts as an
anti-angiogenesis factor and is targeted to breast cancer; Prodrax&#174;, a non-toxic
prodrug which is activated in the hypoxic zones of solid tumors to kill cancer
cells; Alchemix, a chemotherapeutic agent that combines multiple modes of action
to overcome drug resistance. Access is also developing Phenylbutyrate, an HDAC
inhibitor and differentiating agent currently a Phase 2 clinical candidate. For
additional information on Access Pharmaceuticals, please visit our website at
<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.accesspharma.com</font>
..</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">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.&#160;These statements include those relating
to: clinical trial plans and timelines and clinical results for ProLindac and
product candidates acquired in the MacroChem transaction, our ability to execute
licensing agreements in the future, Access&#8217; plans to continue and initiate
clinical trials, the value of its products in the market, its ability to achieve
clinical and commercial success and its ability to successfully develop marketed
products. These statements are subject to numerous risks, including but not
limited Access&#8217; need to obtain additional financing in order to continue the
clinical trial and operations and to the risks detailed in Access&#8217; Annual
Reports on Form 10-K and other reports filed by Access with the Securities and
Exchange Commission.</font></div>
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