Access Pharmaceuticals, Inc. and MacroChem Corporation announced that they had signed a definitive merger agreement providing for Access to acquire MacroChem through the issuance of 2.5 million shares of Access Pharmaceuticals' common stock.
MacroChem's product portfolio includes two clinical stage oncology products, 4-thio Ara-C, which is a next generation nucleoside analogue licensed from Southern Research Institute and sodium phenylbutyrate, which is licensed from the NIH and is currently partnered with Access Pharmaceuticals.
MacroChem's portfolio of late stage clinical drug candidates includes Pexiganan, a novel topical anti-infective for the treatment of diabetic foot infection that has already completed two phase 3 clinical trials; EcoNail, a novel topical treatment for onychomycosis that is currently in a phase 2 clinical trial. Macrochem also has two proprietary dermatology drug platforms, SEPA and MacroDerm.
According to a company press release, the acquisition is expected to close in Q3 2008.
"The acquisition of MacroChem brings multiple late-stage clinical drug candidates into the Access pipeline, some of which are further along than Access' current assets," stated Jeffrey B. Davis, Access' president and CEO. "We are currently active in partnering and out-licensing discussions, and MacroChem's dermatology assets will be added to that partnering effort. The oncology assets are highly synergistic with the oncology development efforts ongoing at Access, and we look forward to the opportunity to move them along and monetize those assets through additional partnering activities."
"With the precarious state of the financial markets adding further challenges for microcap biopharmaceutical companies, we believe the strategic combination with Access is a very positive step forward for the continued development of MacroChem's product candidates," stated Robert J. DeLuccia, chairman of MacroChem Corporation. "We are pleased to work with Access to assure an -orderly transition and believe that this is the best strategy currently available to maximize value for our shareholders."
MacroChem is a specialty pharmaceutical company that develops and seeks to commercialize pharmaceutical products. Product candidates in our clinical development portfolio are: pexiganan, EcoNail and SR9025 which was recently acquired. Pexiganan, a novel topical anti-infective for the treatment of diabetic foot infection, was recently in-licensed and has already completed two phase 3 trials.
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, currently in phase 2 clinical testing of patients with ovarian cancer, and MuGard for the management of patients with mucositis.