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Access Pharmaceuticals To Raise $6.0 Million In Financing

Last updated: 23:53 10 Dec 2010 GMT, First published: 00:53 11 Dec 2010 GMT

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Access Pharmaceuticals (OTCBB: ACCP), an emerging biopharmaceutical company that develops products for the supportive care of cancer patients, announced today it will sell about $6 million worth of stock to accredited investors via a registered direct offering.

The offering consists of 2.3 million shares at $2.55 per share.

At closing, Access will also issue to investors warrants to buy a total of 0.7 million shares of common stock at a price of $3.06 per share.  The warrants are exercisable immediately for a term of 5 years from the closing date.

"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," said CEO Jeffrey B. Davis.

The company's MuGard product is a treatment for the inflammation of the mouth's mucosa caused by radiation and chemotherapy in cancer patients.

Hudson Securities, a subsidiary of Hudson Holding Corp.(OTCBB: HDHL), acted as Access' placement agent for the offering.

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