FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Jeffrey B Davis
   2. Issuer Name and Ticker or Trading Symbol
ACCESS PHARMACEUTICALS INC [ACCP.OB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
C/O SCO FINANCIAL GROUP LLC, 1285 AVENUE OF THE AMERICAS, 35TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
01/04/2008
(Street)

NEW YORK, NY 10019		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/04/2008   J(1)   67,694 A (1) 67,694 I By Lake End Capital, LLC (4)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Purchase Warrant $ 18.55 01/04/2008   J(2)   6,389   01/04/2008 01/31/2012 Common Stock 6,389 (2) 6,389 D  
Common Stock Purchase Warrant $ 23.19 01/04/2008   J(3)   6,738   01/04/2008 01/31/2012 Common Stock 6,738 (3) 6,738 I By Lake End Capital, LLC (4)
Stock Option (right to buy) $ 3.15 01/04/2008   A   600,000   01/04/2009(5) 01/04/2018 Common Stock 600,000 $ 0 600,000 I By Lake End Capital, LLC (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Jeffrey B Davis
C/O SCO FINANCIAL GROUP LLC
1285 AVENUE OF THE AMERICAS, 35TH FLOOR
NEW YORK, NY 10019		   X     Chief Executive Officer  

Signatures

 /s/ Jeffrey B. Davis   01/04/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Received in exchange for 786,500 shares of Somanta Pharmaceuticals, Inc. common stock and 25 shares of Somanta Pharmaceuticals, Inc. Series A Convertible Preferred Stock in connection with the merger of Somanta Pharmaceuticals, Inc. into Access Pharmaceuticals, Inc. (the "Merger"). Pursuant to the Merger, each share of Somanta Pharmaceuticals, Inc. common stock was converted into 0.03234333 shares of Access Pharmaceuticals, Inc. common stock and each share of Somanta Pharmaceuticals, Inc. Series A Convertible Preferred Stock was converted into 1,690.24045022 shares of Access Pharmaceuticals, Inc. common stock. On the effective date of the Merger, the closing price of Somanta Pharmaceuticals, Inc. common stock was $0.12 per share, and the closing price of Access Pharmaceuticals, Inc. common stock was $3.10 per share.
(2) Received in the Merger in exchange for warrants to purchase 208,333 shares of Somanta Pharmaceuticals, Inc. common stock at an exercise price of $0.75 per share.
(3) Received in the Merger in exchange for warrants to purchase 197,544 shares of Somanta Pharmaceuticals, Inc. common stock at an exercise price of $0.60 per share.
(4) Jeffrey B. Davis is the managing member of Lake End Capital LLC.
(5) The option will vest over a three year period with 25% vesting on the first anniversary of the grant date with the remaining 75% vesting 3.125% monthly over the remaining 2 years.

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