PRESS RELEASE DATED 12-16-2005
Published on December 16, 2005
Exhibit 99.1
ACCESS NEWS
Contact: Company Contact: Investor Relations
Stephen B. Thompson Donald C. Weinberger
Vice President & CFO Wolfe Axelrod Weinberger LLC
(214) 905-5100 (212) 370-4500
ACCESS PHARMACEUTICALS RECEIVES NOTICE
FROM AMEX THAT ITS COMMON STOCK
IS SUBJECT TO BEING DELISTED
- Hearing To Be Requested -
DALLAS, TEXAS, December 16, 2005, ACCESS PHARMACEUTICALS,
INC. (AMEX:AKC) today announced that the Company received notice
from the staff of the American Stock Exchange ("AMEX") indicating that
the Company no longer complies with AMEX's continued listing standards
due to losses from continuing operations and/or net losses in two of its most
recent fiscal years with shareholders' equity of less than $2 million, as set
forth in Section 1003(a)(i) of the AMEX "Company Guide"; due to losses
from continuing operations and/or net losses in three of its most recent
fiscal years with shareholders' equity of less than $4 million, as set forth
in Section 1003(a)(ii) of the Company Guide; and due to losses from
continuing operations and/or net losses in four of its most recent fiscal
years with shareholders' equity of less than $6 million, as set forth in
Section 1003(a)(iii) of the Company Guide. The Company's common stock
is subject to being delisted from AMEX.
The Company will appeal this determination and request a hearing before
a committee of AMEX to maintain its AMEX listing. The Company expects
the hearing to take place in January 2006. There can be no assurance that
the Company's request for continued listing will be granted.
-More-
Access Pharmaceuticals, Inc.
Page 2
Access Pharmaceuticals, Inc. is an emerging pharmaceutical company
developing unique polymer linked cytotoxics for use in the treatment of
cancer. Its lead product AP5346 is in Phase II clinical testing. The
Company also has other advanced drug delivery technologies including
vitamin-mediated targeted delivery and oral drug delivery.
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 continued listing on the American Stock
Exchange and our request for an oral hearing regarding our proposed
delisting. These statements are subject to numerous risks, including but not
limited to the risk that our appeal will not be successful and that we will be
delisted from AMEX 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 September 30, 2005 and other
reports filed by us with the Securities and Exchange Commission.
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