Access sold its oral/topical care business to Uluru, Inc. in October 2005 and to date has received a total of $13.6 million. Access may receive up to $5.1 million in future payments upon Uluru's achievement of certain sales milestones.
Rosemary Mazanet, MD, PhD, Acting CEO of Access stated, "This payment provides the Company with the flexibility to advance the clinical development of ProLindac(TM), extend our licensing efforts with MuGard(TM) and expand our Vitamin B12 oral delivery program."
About ProLindac(TM)
The Company's lead compound, ProLindac(TM), 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. The Company believes that ProLindac's unique molecular design potentially could eliminate some of the toxic neurological side effects seen in currently marketed Dach platinums. The Company is currently enrolling patients in two Phase II clinical trials, one in ovarian cancer and one in head and neck cancer, and plans to initiate one or more additional Phase II trials, including one in colorectal cancer in 2007.
About MuGard(TM)
The Company submitted a Premarket Notification 510(k) Application to the FDA announcing the Company's intent to market MuGard(TM). MuGard(TM) is Access' proprietary oral rinse product for the prevention and treatment of oral mucositis, the debilitating side-effect which afflicts more than 40% of cancer patients undergoing radiation and chemotherapy. Access is actively seeking marketing partners in Europe and the US.
About Vitamin B12
The Company is actively developing clinical development plans for its novel Vitamin B12 drug delivery technology, particularly as it pertains to the oral delivery of large molecule drugs that are only currently deliverable by injection or intravenous administration. Pre-clinical animal studies utilizing Access' VB-12 technology have demonstrated the ability to deliver insulin by oral administration in therapeutic levels. Access is actively seeking development partners in this area as well.
Access Pharmaceuticals, Inc. is an emerging biopharmaceutical company that develops and commercializes propriety products for the treatment and supportive care of cancer patients. Access' products include ProLindac(TM), currently in Phase II clinical testing of patients with ovarian cancer and MuGard(TM) for the treatment of patients with mucositis. The Company also has other advanced drug delivery technologies including vitamin-mediated targeted delivery and oral drug delivery. For additional information on Access Pharmaceuticals, please visit our website at http://www.accesspharma.com .
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 statements relating to the value of our products in the market, our ability to achieve clinical and commercial success and our ability to successfully develop marketed products. These statements are subject to numerous risks, including but not limited to the risks detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 and other reports filed by us with the Securities and Exchange Commission.
Source: Access Pharmaceuticals, Inc.
