8-K: Current report filing
Published on September 21, 2006
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): September 15, 2006
Access Pharmaceuticals, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-9314 83-0221517
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
2600 Stemmons Freeway, Suite 176, Dallas, Texas 75207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 905-5100
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Item 4.01 Changes in Registrant's Certifying Accountant
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On September 15, 2006, Grant Thornton LLP ("Grant Thornton") notified Access
Pharmaceuticals, Inc. (the "Company") that it has resigned as our independent
registered public accounting firm.
The Company's audit committee has commenced an immediate search for a new
independent registered public accounting firm, including requesting proposals
from other accounting firms.
Grant Thornton performed audits of the Company's consolidated financial
statements for the years ended December 31, 2005 and 2004. Grant Thornton's
reports did not contain an adverse opinion or disclaimer of opinion, but the
2005 report was modified to include an explanatory paragraph related to
uncertainties about the Company's ability to continue as a going concern.
During the years ended December 31, 2005 and 2004 and through September 15,
2006, (i) there have been no disagreements with Grant Thornton on any matter
of accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreement(s), if not resolved to
Grant Thornton's satisfaction, would have caused Grant Thornton to make
reference to the subject matter of the disagreement(s) in connection
with its reports for such year, and (ii) there were no "reportable
events" as such term is defined in Item 304(a)(1)(v) of Regulation S-K.
However, as reported in the Company's Form 10-K for the year ended
December 31, 2005, Grant Thornton has communicated to the Company's
audit committee the existence of material weaknesses in our system of
internal control over financial reporting related to the inadequacy of
staffing and a lack of segregation of duties.
The Company will file an amended Form 8-K as required by SEC rules upon
the appointment of a successor independent registered public accounting firm.
The Company provided Grant Thornton with a copy of this Form 8-K prior to
its filing with the SEC and requested Grant Thornton to furnish a letter
addressed to the SEC stating whether it agrees with the statements
made above. Attached as Exhibit 16.1 is a copy of Grant Thornton LLP's
letter to the SEC, dated September 21, 2006.
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SIGNATURE
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
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Stephen B. Thompson
Vice President and
Chief Financial Officer
Dated September 21, 2006
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