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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000318306-10-000012.txt : 20100127
<SEC-HEADER>0000318306-10-000012.hdr.sgml : 20100127
<ACCEPTANCE-DATETIME>20100127172537
ACCESSION NUMBER:		0000318306-10-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100121
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100127
DATE AS OF CHANGE:		20100127

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:		10551401

	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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1.01&#160;&#160;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font></div>
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- -------------------------------------------------------------</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
January 22, 2010, we entered into securities purchase agreements (the &#8220;Purchase
Agreements&#8221;) with accredited investors whereby we agreed to sell certain
units.&#160;&#160;Each unit consists of one share of our common stock, par value
$0.01 per share (&#8220;Common Stock&#8221;) and a warrant (&#8220;Warrant&#8221;) to acquire one-half
of one share of Common Stock at an exercise price of $3.00 per whole share of
Common Stock.&#160;&#160;The units were issued at a price of $3.00 per
unit.&#160;&#160;In the aggregate we sold 2.1 million units for an aggregate
purchase price of $6.3 million.&#160;&#160;As a result we issued 2.1 million
shares of our Common Stock and Warrants to acquire 1.05 million shares of our
Common Stock at an exercise price of $3.00 per share.</font></div>
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Stock Purchase Warrants</font></div>
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be exercisable for an aggregate of 1.05 million shares of our Common Stock at an
exercise price of $3.00 per share. The warrants can also be exercised on a
cashless basis. The warrants expire on January 22, 2015. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">The warrant exercise price is subject
to adjustment, under certain circumstances, including an equitable adjustment
for stock splits, dividends, combinations, reorganizations and the
like.</font></font></div>
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Agent Agreement</font></div>
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exchange for its services as placement agent, upon the closing of our sale of
units as described above, we are obligated to pay Rodman &amp; Renshaw, LLC.
(&#8220;Rodman&#8221;) a cash fee of&#160;up to approximately $375,000.&#160;&#160;In
addition we are also obligated to issue warrants to purchase up to approximately
62,500 shares of common stock at an exercise price of&#160;3.00 per
share.</font></div>
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DISCLOSURE</font></font></div>
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</font>------------------------------------------&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></font></div>
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the press release issued by us on January 22, 2010 announcing the signing of the
Purchase Agreement is filed as Exhibit 99.1 and is incorporated by
reference.</font></div>
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&#160;</font></font></div>
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<font style="DISPLAY: inline; FONT-WEIGHT: bold">-----------------------------------------------</font></font></div>
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Exhibits</font></div>
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      Release dated January 22, 2010 entitled &#8220;Access Pharmaceuticals Raises
      $6.3 million In Registered Direct
Offering&#8221;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
          <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;
</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SIGNATURE</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Access
Pharmaceuticals, Inc.&#160;&#160;&#160;&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Registrant)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;</font></div>
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&#160;/s/ Stephen B. Thompson&#160;</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stephen
B. Thompson&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vice
President and&#160;</font></div>
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Financial Officer&#160;</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated&#160;&#160;January&#160;&#160;27,
2010</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div><br>
    <div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
          <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160;
</font></div>
        <div style="TEXT-ALIGN: center; WIDTH: 100%">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">&#160;
</font></div>
      </div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT
INDEX</font></div>
    <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: black 4px double">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Number</font></div>
            </td>
            <td align="left" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="top" width="60%" style="BORDER-BOTTOM: black 4px double">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Title</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="11%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.1</font></div>
            </td>
            <td align="left" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="top" width="60%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press
      Release dated January 22, 2010 entitled &#8220;Access Pharmaceuticals Raises
      $6.3 million In Registered Direct
Offering&#8221;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div><br></body>
</html>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>r8k-266.htm
<DESCRIPTION>PRESS RELEASE JANUARY 21, 2010
<TEXT>
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    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT
99.1<br></font>

      <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">{Access Letterhead}</font></font></div>
      <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Contact:
Company</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTE
R-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Contact:
Investor Relations</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; COLOR: #000000">Stephen B. Thompson<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="
TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Donald C. Weinberger/Diana Bittner
(media)</font></font></div>
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Officer<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9p
t">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Wolfe Axelrod Weinberger Assoc.
LLC</font></font></div>
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Inc.</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-S
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; COLOR: #000000">ACCESS PHARMACEUTICALS
RAISES</font></font></div>
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OFFERING</font></font></div>
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      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #000000; FONT-WEIGHT: bold">DALLAS, TX, January
22 2009, </font><font style="DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ACCESS
PHARMACEUTICALS, INC. (OTCBB: ACCP)</font><font style="DISPLAY: inline; COLOR: #000000; FONT-WEIGHT: bold">, </font><font style="DISPLAY: inline; COLOR: #000000">today announced that it has entered into
definitive agr</font><font style="DISPLAY: inline; COLOR: #000000">eements 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.&#160;&#160;Additionally, at the
closing, Access will issue </font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000">o 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.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000; FONT-SIZE: 10pt">The closing of the
offering is expect</font><font style="DISPLAY: inline; COLOR: #000000; FONT-SIZE: 10pt">ed to take place
subject to the satisfaction of customary closing conditions.</font></font></div>
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owned subsidiary of Rodman &amp; Renshaw Capital Group, Inc. (Nasdaq: RODM),
acted as the Company's sole lead placement agent in connection with the
</font><font style="DISPLAY: inline; COLOR: #000000">offering.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">EarlyBirdCapital, Inc. acted as a sub
agent in connection of the offering.</font></font></div>
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managing our cash burn, this additional capital from current and new investors
will provide runway for meaningful progress with our M</font><font style="DISPLAY: inline; COLOR: #000000">uGard, Prolindac, Thiarabine and
Cobalmin programs,&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> stated
Jeffrey B. Davis, President &amp; CEO.</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
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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.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 &amp; Renshaw, LLC
at 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or from the
SEC's website at <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.sec.gov</font>.</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; COLOR: #000000">About Access:</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #000000">Access Pharmaceuticals, Inc. is an
emerging biopharmaceutical company that develops and commercializes propriety
products for the treatment and supportive care of ca</font><font style="DISPLAY: inline; COLOR: #000000">ncer patients. Access' products include
</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">ProLindac&#8482;</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline; COLOR: #000000"> currently in Phase 2 clinical testing
of patients with ovarian cancer, and </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">MuGard&#8482;</font><font style="DISPLAY: inline; COLOR: #000000"> for the management of patients with
mucositis. The company also has other advanced drug delivery
technologi</font><font style="DISPLAY: inline; COLOR: #000000">es including
</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Cobalamin&#8482;</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">-mediated
targeted delivery</font><font style="DISPLAY: inline; COLOR: #000000"> and oral
drug delivery, its proprietary nanopolymer delivery technology based on the
natural vitamin B12 uptake mechanism and </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Thiarabine</font><font style="DISPLAY: inline; COLOR: #000000">, 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 </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.accesspharma.com</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #000000">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 stat</font><font style="DISPLAY: inline; COLOR: #000000">ements 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 abil</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">ty to successfully develop marketed
products. These statements are subject to numerous risks, including but not
limited Access</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> need to obtain additional financing in
order to continue the clinical trial and operations and to the risks detailed in
Ac</font><font style="DISPLAY: inline; COLOR: #000000">cess</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> Annual Reports on Form 10-K and other
reports filed by Access with the Securities and Exchange
Commission.</font></font><br></div>
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