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.