DALLAS, Jan. 10 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS, INC. today announced that the Company has been granted a hearing with the American Stock Exchange (“AMEX”) to maintain its listing on the exchange. This hearing relates to the notice received from the 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.
This hearing for this determination will take place before a committee of the AMEX on January 19th, 2006. There can be no assurance that the Company’s request for continued listing will be granted.
The Company also reiterated that it has engaged an investment banking firm to assist it in evaluating its strategic alternatives regarding ongoing operations. The Company has had discussions with several parties about a strategic transaction, but at this time has not entered into any agreement. Plans to initiate the European phase II trial of the Company’s cytotoxic oncology product AP5346 have proceeded well, with IRB approval received at one site. The trial will not be initiated, however, until financing to complete the trial is secured.
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, the company’s ability to obtain financing in order to continue its operations and its clinical trials and any 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.
Access Pharmaceuticals, Inc.
CONTACT: Stephen B. Thompson, Vice President & CFO of AccessPharmaceuticals, Inc., +1-214-905-5100; or investor relations, Donald C.Weinberger of Wolfe Axelrod Weinberger Associates, LLC, +1-212-370-4500,for Access Pharmaceuticals, Inc.
