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- Hearing to Be Requested -
DALLAS, Dec. 16 /PRNewswire-FirstCall/ -- ACCESS PHARMACEUTICALS, INC.
(Amex: AKC) today announced that the Company received notice from the staff of
the American Stock Exchange ("AMEX") indicating that the Company no longer
complies with AMEXs 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. The
Companys common stock is subject to being delisted from AMEX.
The Company will appeal this determination and request a hearing before a
committee of AMEX to maintain its AMEX listing. The Company expects the
hearing to take place in January 2006. There can be no assurance that the
Companys request for continued listing will be granted.
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 and other risks detailed in the Companys 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.
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