Access Pharmaceuticals to focus on oncology, sells oral care business

By Jennifer Chiou

New York, Oct. 12 - Access Pharmaceuticals, Inc. said it refocused the company on its oncology therapeutics platform and completed the sale of its oral care business to Uluru, Inc. for up to $20.6 million.

The company sold its interest in Aphthasol, OraDisc products and Residerm products.

At closing of the sale, the company retired its senior secured convertible notes.

Access said it believes that the sale of the oral care business provides liquidity to continue operations and to manage some of the convertible debt remaining on its balance sheet.

Uluru, which paid $8.7 million at the close of the agreement, also licensed Access' nanoparticle hydrogel aggregate technology.

Access may also receive up to $3.7 million within 12 months after closing and will receive an additional $1 million within 24 months after closing. Additional payments of up to $7 million will be made based on milestones.

Access Pharmaceuticals is an emerging Dallas pharmaceutical company that develops polymer-linked cytotoxics for cancer. Its lead product AP5346 is in Phase II clinical testing.

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