UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): August 24, 2007
Access
Pharmaceuticals, Inc.
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(Exact
name of registrant as specified in its charter)
Delaware
0-9314
83-0221517
------------------------
------------------------
-------------------
(State
of
Incorporation) (Commission File Number)
(I.R.S. Employer
Identification
No.)
2600
Stemmons Freeway, Suite 176, Dallas,
Texas 75207
---------------------------------------------------------- ---------
(Address
of principal executive
offices)
(Zip Code)
Registrant's
telephone number, including area code: (214) 905-5100
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Item
1.01 Entry into a Material Definitive Agreement
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On
August
21, 2007, Access Pharmaceuticals, Inc. ("Access") entered into a
license
agreement with SpePharm Holding, B.V. (“SpePharm”) under which SpePharm will
market Access’ product MuGard™ in the EU, Switzerland, Norway,
Iceland and Lichtenstein. As part of this agreement Access has received
a $1.0 million upfront licensing payment from SpePharm. Access will
receive a royalty on net sales of 20-25% depending on sales volumes and
gross
margins. SpePharm will be responsible for manufacturing the product
and obtaining the necessary regulatory approvals for the product.
Item
9.01. Financial Statements and Exhibits
------------------------------------------
(c)
Exhibits.
Exhibit
No. Description
----------- ---------------------------------------------------------------
99.1
Press release issued by Access Pharmaceuticals, Inc. and SpePharm
Holding, B.V. dated August 27, 2007.
SIGNATURE
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.
Access
Pharmaceuticals, Inc.
(Registrant)
By:
/s/ Stephen B. Thompson
------------------------------
Stephen
B. Thompson
Vice
President and
Chief
Financial Officer
Dated
August 24, 2007
2