EXHIBIT
99.1
{Access
Letterhead}
ACCESS
NEWS
Contact:
Company
Contact: Investor Relations
Stephen
B.
Thompson Donald C.
Weinberger/Alisa Steinberg (media)
Vice
President, Chief Financial
Officer
Wolfe Axelrod Weinberger
Assoc. LLC
Access
Pharmaceuticals,
Inc.
(212) 370-4500
(214)
905-5100
Andrew Hellman, CEOcast, Inc. for Access
Pharmaceuticals
(212) 732-4300
ACCESS
PHARMACEUTICALS APPOINTS JEFFREY B. DAVIS AS CEO
-
Stephen R. Seiler Resigns as President and
CEO -
DALLAS,
TX, December 26, 2007, Access Pharmaceuticals, Inc. (OTC BB: ACCP)
announced today that current Chairman Jeffrey B. Davis has been
appointed to the additional role of CEO. Stephen R. Seiler has resigned as
President and CEO of the Company for health reasons. Mr. Seiler has also
resigned from the Board of Directors.
“I
believe that Access has an exciting future with ProLindac™, MuGard™, and the
Cobalamin Vitamin B-12 oral delivery technology. The Company is positioned
well
for 2008 to be an eventful year. Access has been a rewarding experience and
I am
proud of what has been achieved during the past year,” noted Mr.
Seiler.
The
Board
of Directors has appointed Jeffrey B. Davis, the Chairman of the Board, as
the
CEO. Mr. Davis said, "On behalf of the Board of Directors and the entire Access
team, I want to thank Steve for his efforts and achievements at Access this
year, including the continued clinical development of ProLindac, a signing of a
European partnership for MuGard, and the recently completed financing.” Mr.
Davis added, “I am excited about Access’ prospects in 2008 and beyond, and look
forward to working with the organization to build on recent achievements. Key
among them is the continued development of our novel DACH platinum ProLindac,
which is in a Phase 2 trial and will initiate multiple additional clinical
trials next year, to complete ongoing partnering efforts and seek new partners
for ProLindac, MuGard, and Cobalamin-enhanced products and platforms, and to
actively expand our shareholder base.”
________________________________
About
Access: Access Pharmaceuticals, Inc. is a
biotechnology company that leverages its proprietary nano-polymer chemistry
expertise to develop proprietary products. Access' products include ProLindac™,
a novel DACH platinum drug that is currently in Phase 2 clinical testing of
patients with ovarian cancer and MuGard™ for the management of patients with
mucositis. The Company also has other advanced drug delivery technologies
including Cobalamin™-mediated targeted delivery and oral drug delivery. Access
has announced the execution of a definitive merger agreement to acquire Somanta.
The acquisition of Somanta has not yet closed and the closing is subject to
numerous closing conditions. For additional information on Access
Pharmaceuticals, please visit our website at
www.accesspharma.com.
Access
Pharmaceuticals,
Inc.
Page
2
About
ProLindac™: ProLindac is a novel DACH platinum prodrug which
has been shown to be active in a wide variety of solid tumors in both
preclinical models and in human trials. Access believes that ProLindac’s unique
molecular design potentially could eliminate some of the toxic side effects
seen
in the currently marketed DACH platinum, Eloxatin, which has sales in excess
of
$2 billion.
This
press release contains certain statements that are forward-looking within the
meaning of Section 27a of the Securities Act of 1933, as amended, and that
involve risks and uncertainties. These statements include those relating to:the
identification of a new CEO, clinical trial plans and results for ProLindac,
the
execution of license agreements in the future, our ability to raise additional
funds and our ability to obtain or meet the closing conditions in the merger
agreement with Somanta Pharmaceuticals, Inc. and applicable regulatory and
tax
requirements, and to otherwise complete the merger in a timely manner, yet
there
can be no assurances that the closing conditions will be met or waived or that
the transaction will close. These statements are subject to numerous risks,
including but not limited Access’ need to obtain additional financing in order
to continue the clinical trial and operations and to the risks detailed in
Access’ and Somanta’s Annual Reports on Form 10-KSB and other reports filed by
Access and Somanta with the Securities and Exchange
Commission.
###