PRESS RELEASE 9/18/2005
Published on September 14, 2005
Exhibit 99.1
Access Pharmaceuticals, Inc.
ACCESS NEWS
Contact: Company Contact: Investor Relations
Stephen B. Thompson Donald C. Weinberger
Vice President & CFO Wolfe Axelrod Weinberger & Associates LLC
(214) 905-5100 (212) 370-4500
ACCESS PHARMACEUTICALS, INC. ANNOUNCES STATUS OF
CONVERTIBLE NOTES DUE SEPTEMBER 13, 2005
DALLAS, TEXAS, September 14, 2005, ACCESS PHARMACEUTICALS, INC. (AMEX: AKC)
today announced the status of its 7% (Subject to Adjustment) Convertible
Subordinated Notes ($8,030,000) ("Notes") which were due September 13, 2005.
Oracle Partners, LP, the holder of $4,015,000 of the Notes has extended the
due date of its Note until October 13, 2005. We did not make payment on the
other $4,015,000 due September 13, 2005 to another holder.
The holder of our Notes due September 2008 agreed to defer the interest
payment due on such notes to September 13, 2006 and agreed to extend the
maturity date of such notes to September 13, 2010.
Access is currently negotiating with a number of potential purchasers for
the sale of business units that it has determined are not part of its long term
strategy. The sales of these units could generate sufficient funds to satisfy
some or all of our debt obligations. The Company cannot predict whether
or not the sale of a business unit will take place.
The Company will provide further updates as newsworthy events occur.
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Access Pharmaceuticals, Inc.
Page 2
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, including but not limited
to statements made relating to our current negotiations to sell certain assets
which could generate sufficient funds to satisfy debt coverage and cash
needs, negotiations to restructure our Convertible Notes due September 13,
2005 (which negotiations may not be successful), our current steps being
taken to satisfy short term cash needs. These statements are subject to
numerous risks, including but not limited to the uncertainties associated
with our ability to raise funds to continue our operations, our ability to sell
assets, our ability to restructure our Convertible Notes, research and
development activities, clinical trials, our ability to raise capital, the
timing of and our ability to achieve regulatory approvals, dependence on
others to market our licensed products, collaborations, future cash flow,
the timing and receipt of licensing and milestone revenues, projected future
revenue growth and our ability to generate near term revenues, the future
success of the Company's marketed products Aphthasol(R) and products in
development including polymer platinate, and OraDisc(TM), our ability to
develop products from our platform technologies, our ability to manufacture
amlexanox products in commercial quantities, our sales projections and the
sales projections of our licensing partners, our ability to achieve licensing
milestones, our ability to repay our outstanding debt obligations and other
risks detailed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2004, Quarterly Report on Form 10-Q for the quarter
ended June 30, 2005 and other reports filed by us with the Securities and
Exchange Commission.
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