- Acquisition of Four Clinical Stage Product Candidates Adds to Robust
DALLAS, July 10 /PRNewswire-FirstCall/ -- Access Pharmaceuticals, Inc. (OTC Bulletin Board: ACCP) and MacroChem Corporation (OTC Bulletin Board: MACM) announced today that they had signed a definitive merger agreement providing for Access to acquire MacroChem through the issuance of 2.5 million shares of Access Pharmaceuticals' common stock. MacroChem's product portfolio includes two clinical stage oncology products, 4-thio Ara-C, which is a next generation nucleoside analogue licensed from Southern Research Institute and sodium phenylbutyrate, which is licensed from the NIH and is currently partnered with Access Pharmaceuticals. MacroChem'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 is currently in a Phase 2 clinical trial. Macrochem also has two proprietary dermatology drug platforms, SEPA(R) and MacroDerm. The acquisition is expected to close in Q3 2008.
"The acquisition of MacroChem brings multiple late-stage clinical drug candidates into the Access pipeline, some of which are further along than Access' current assets," stated Jeffrey B. Davis, Access' President and CEO. "We are currently active in partnering and out-licensing discussions, and MacroChem's dermatology 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 and monetize those assets through additional partnering activities."
"With the precarious state of the financial markets adding further
challenges for microcap biopharmaceutical companies, we believe the
strategic combination with Access is a v
|SOURCE Access Pharmaceuticals, Inc.; MacroChem Corporation|
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