EXHIBIT
5.1
December
10, 2007
Access
Pharmaceuticals, Inc.
2600
Stemmons Freeway, Suite 176
Dallas,
TX 75207
Re:Registration
Statement on Form SB-2 under the Securities Act of
1933
Dear
Ladies and Gentlemen:
We
have acted as counsel to Access
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), in
connection with the registration under the Securities Act of 1933, as amended,
on Form SB-2, of 16,560,519 shares of the
Company’s Common Stock, $0.01 par value per share (“Common Stock”),
consisting of (i) 10,757,864 shares of Common Stock (the “Conversion
Shares”) issuable upon conversion of Series A Cumulative Convertible
Preferred Stock (“Series A Preferred Stock”), (ii) 3,440,880 shares of
Common Stock, 386,364 shares of Common Stock and 386,364 shares of Common Stock
(the “WarrantShares”), issuable upon the exercise of Common Stock
Purchase Warrants dated November 10, 2007, October 24, 2006 and December 6,
2006, respectively (the “Warrants”), issued in conjunction with the purchase of
Series A Preferred Stock and certain note and warrant purchase agreements dated
October 24, 2006 and December 6, 2006, respectively, (iii) 1,380,047 shares
of
Common Stock (the “Dividend Shares”), issuable to the holders of Series A
Preferred Stock on the payment of dividends which may, under certain
circumstances, be paid in shares of common stock, and (iv) 209,000 shares of
Common Stock (the “Placement Agent Shares”), issuable to the placement
agents upon the exercise of common stock warrants (the “Placement Agent
Warrants”) issued as a placement agent fee in conjunction with the offering of
Series A Preferred Stock.
As
such counsel, we have reviewed
certain corporate proceedings of the Company with respect to the authorization
of the issuance of the Shares. We have also examined and relied upon
originals or copies of such corporate records, instruments, agreements or other
documents of the Company, and certificates of officers of the Company as to
certain factual matters, and have made such investigation of law and have
discussed with officers and representatives of the Company such questions of
fact, as we have deemed necessary or appropriate as a basis for the opinions
hereinafter expressed. In our examination, we have assumed the
genuineness of all signatures, the conformity to the originals of all documents
reviewed by us as copies, the authenticity and completeness of all original
documents reviewed by us in original or copy form and the legal competence
of
each individual executing any document.
For
purposes of this opinion, we have made such examination of law as we have deemed
necessary. This opinion is limited solely to the Delaware General
Corporation Law, as applied by courts located in Delaware, and the applicable
provisions of the Delaware Constitution and the reported judicial decisions
interpreting those laws, and we express no opinion as to the laws of any other
jurisdiction.
Based
upon and subject to the
foregoing, we are of the opinion that the Conversion Shares, the Warrant Shares,
the Dividend Shares and the Placement Agent Shares have been duly authorized
and, when and if issued, (i) upon conversion of the Series A Preferred Stock,
(ii) upon the exercise of the Warrants and the Placement Agent Warrants or
(iii)
upon the payment of duly declared common stock dividends on the Series A
Preferred Stock, will be validly issued, fully paid and
nonassessable.
We
consent to the filing of this
opinion with the Securities and Exchange Commission as an exhibit to the
Registration Statement and the reference to us under the heading “Legal Matters”
in the related prospectus.
Very
truly yours,
/s/
Bingham McCutchen LLP
BINGHAM
McCUTCHEN LLP