EXHIBIT
99.1
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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)
905-100
Andrew
Hellman, CEOcast, Inc. for Access Pharmaceuticals
(212)
732-4300
ACCESS PHARMACEUTICALS CLOSES
ACQUISITION OF SOMANTA PHARMACEUTICALS
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Acquisition of Four Potent Anti-cancer Products Fills Out Robust Pipeline
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DALLAS, TX, January 7, 2008, Access
Pharmaceuticals, Inc. (OTC BB: ACCP) announced today that it has closed
the acquisition of Somanta Pharmaceuticals, Inc. (OTC BB: SMPM) through the
issuance of 1.5 million shares of Access Pharmaceuticals’ common stock, as
previously announced. Somanta’s broad portfolio of drug candidates features four
novel anti-cancer compounds in development, each of which acts by a unique
mechanism of action and has the potential to target a wide range of different
cancer types. The Somanta product candidate portfolio includes Angiolix, a
humanized monoclonal antibody with a unique target, Prodrax, a novel prodrug and
platform technology that enables compounds to reach the hypoxic region of
tumors, Alchemix, a multi-target inhibitor that is specifically designed to be
effective against cancer cells resistant to conventional chemotherapy, and
sodium phenylbutyrate, an HDAC inhibitor, that is currently in Phase 2 clinical
development.
Additionally,
it is anticipated that select members of Somanta’s management team who have
established track records of guiding compounds through the FDA and EMEA approval
processes will join the Access team.
“The
acquisition of Somanta brings four very exciting product candidates and one
platform technology into the Access pipeline, and we look forward to advancing
them towards clinical development this year,” stated Jeffrey B. Davis, Access’
Chairman and CEO. “Together with the ongoing development efforts with ProLindac
and the Cobalamin oral insulin programs, we feel that the Somanta product
candidates position us very well for the next few years. In addition to internal
development of these products, we are actively seeking development and marketing
partners for our products, both domestically and overseas.”
About
Angiolix®: Angiolix is a humanized monoclonal antibody (huMc-3
mAB) that is unique in that its proprietary target is a protein known as
lactadherin. Lactadherin is a potent stimulator of angiogenesis, promoting the
growth of new blood vessels to support tumor growth. Angiolix, by blocking
lactadherin (by inhibiting the binding of Lactadherin to integrin), has the
potential to induce programmed cell death, or apoptosis, in blood vessels that
support tumors.
Access
Pharmaceuticals, Inc.
Page
2
About
Prodrax®: Prodrax is a novel prodrug platform technology that
enables compounds to remain inert until they reach the hypoxic or low oxygen
regions of tumors, where they become toxic and enable effective tumor
killing.
About
Alchemix®: Alchemix is a chloroethylaminoanthraquinone, a
multi-target inhibitor specifically designed to overcome the problem of
multi-drug resistance. Pre-clinical studies have been completed, and a Phase 1
dose-escalating trial is expected to commence in late 2008.
About
Phenylbutyrate: Sodium phenylbutyrate (PB), an HDAC inhibitor,
has been investigated in multiple Phase 1/2 NIH and clinician-sponsored trials,
and is currently approved by the FDA for the treatment of hyperuremia, a
pediatric orphan indication. PB has a well known safety profile, and is
currently in the Phase 2 development by Access’ US partner, Virium
Pharmaceuticals, Inc.
________________________________
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. For additional information on Access Pharmaceuticals, please
visti our website at http://www.accesspharma.com.
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: clinical trial plans and timelines
and clinical results for ProLindac and the product candidates acquired in the
Somanta transaction, the execution of license agreements in the future and our
ability to execute development agreements in the future. 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.
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