UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.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): March 17, 2008
 
 
ACCESS PHARMACEUTICALS, INC.
 
 
(Exact name of registrant as specified in its charter)
 
Delaware
 
0-9314
 
83-0221517
 
 
 
 
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS 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
 
 
 
 
 
 
 
 
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
/ /
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
/ /
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
/ /
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
/ /
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
ITEM 1.01      ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
 
ITEM 5.02      DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.

As previously reported, Stephen R. Seiler, our former President and Chief Executive Officer resigned on December 16, 2007, as President and Chief Executive Officer. He resigned his employment as of December 31, 2007.
 
A separation agreement and general release was signed on March 17, 2008. Pursuant to the agreement, Mr. Seiler is entitled to vesting of options of 100,000 shares of common stock of the Company. Such options are exercisable on or before March 12, 2010. Mr. Seiler is also entitled the continuation of his healthcare benefits for twelve months. Mr. Seiler also agreed to provide consulting services to the Company for a period up to six months on an as requested basis by the Company, at a per diem rate equal to his daily salary in effect on his resignation date. Both Mr. Seiler and the Company agreed to a release.

As previously reported, Jeffrey B. Davis is now the Company's Chief Executive Officer.
 
 

 
SIGNATURES

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, Chief Financial Officer
 
 

Date:  March 19, 2008