Access Pharmaceuticals to sell 2.10M shares in registered direct offering

ACCESS PHARMACEUTICALS, INC. (OTC Bulletin Board: ACCP), today announced that it has entered into definitive agreements with accredited investors to sell in a registered direct offering an aggregate of 2.10 million shares of its common stock at a price of $3.00 per share for aggregate gross proceeds of $6.3 million.  Additionally, at the closing, Access will issue to the investors warrants to purchase, in the aggregate, approx. 1.05 million shares of common stock at a price of $3.00 per share, which warrant are exercisable immediately for a term of 5 years from the closing date.  The closing of the offering is expected to take place subject to the satisfaction of customary closing conditions.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the Company's sole lead placement agent in connection with the offering. EarlyBirdCapital, Inc. acted as a sub agent in connection of the offering.

"With our strategy of partnering and managing our cash burn, this additional capital from current and new investors will provide runway for meaningful progress with our MuGard, Prolindac, Thiarabine and Cobalmin programs," stated Jeffrey B. Davis, President & CEO.