ACCESS PHARMACEUTICALS, INC. (OTC Bulletin Board: ACCP), a biopharmaceutical company leveraging its proprietary drug-delivery platforms to develop treatments in areas of oncology, cancer supportive care and diabetes, has entered into definitive agreements with existing and new accredited investors to sell, in a registered direct offering, an aggregate of approximately 2.3 million shares of its common stock at a price of $2.55 per share for aggregate gross proceeds of $6.0 million. Additionally, at the closing, Access will issue to the investors warrants to purchase, in the aggregate, approximately 0.7 million shares of common stock at a price of $3.06 per share, which warrants are exercisable immediately for a term of 5 years from the closing date. The initial closing of the offering is expected to take place subject to the satisfaction of customary closing conditions.
"In addition to providing Access capital to support the commercial launch of MuGard, this financing should prove to be a positive for Access investors as it also helps shore up our balance sheet for partnering discussions in our various programs," stated Jeffrey B. Davis, President & CEO. He continued, "This additional funding from current and new investors will provide a strong foundation to continue executing on our multifaceted strategy for moving valuable assets within the company forward."
Hudson Securities, Inc., a subsidiary of Hudson Holding Corporation (OTC Bulletin Board: HDHL), acted as the Company's placement agent in connection with the offering. 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").
Access Pharmaceuticals, Inc.