ACCESS PHARMACEUTICALS, INC. ANNOUNCES FIRST QUARTER 1996 RESULTS.

DALLAS--(BUSINESS WIRE)--MAY 16, 1996--ACCESS PHARMACEUTICALS, INC. (OTC BULLETIN BOARD: AXCS) today reported a net loss of $8,685,000, or $0.34 per share, for the first quarter ended March 31, 1996, as compared to a net loss of $283,000, or $0.10 per share for the first quarter in 1995. This is the first reporting period after the merger between Chemex Pharmaceuticals, Inc. ("Chemex") and ACCESS Pharmaceuticals, Inc., A Texas corporation ("API"), which occurred on January 25, 1996. Chemex Pharmaceuticals, Inc. changed its name to ACCESS Pharmaceuticals, Inc. ("ACCESS" or the "Company") after the merger.

"Technology and product rights acquired through our merger with Chemex provides us with near-term revenue potential and offers a balance to ACCESS' existing portfolio," said Kerry P. Gray, President and Chief Executive Officer. "In addition, with the proposed acquisition of Tacora Corporation, we look forward to advancing our research further in the area of biological based drug delivery and believe the combination will enhance our efforts."

The Merger of Chemex and API for financial reporting purposes has been accounted for as a reverse acquisition, consequently the 1995 financial statements are for the private company API. As a result of this accounting treatment the Company wrote off the excess purchase price between the valuation of API and the equity of Chemex of $8,314,000, which accounts for the major portion of the first quarter loss.

The Company had revenues from option income and sponsored research of $165,000 for the first quarter of 1996 compared to $135,000 for the first quarter of 1995. Research and development expense decreased to $181,000 for the first quarter of 1996 compared to $215,000 for the first quarter of 1995. The decrease is due to reduced external development contracts. General and administrative expense increased to $336,000 for the first quarter of 1996 compared to $154,000 for the first quarter of 1995. These expenses are higher principally due to merger related costs and the associated costs of being a public company.

ACCESS Pharmaceuticals is an emerging pharmaceutical company with a platform technology for enhancing the site targeting of intravenous therapeutic drugs, MRI contrast agents and radiopharmaceutical diagnostic and therapeutic agents. The ACCESS technology is based on natural carbohydrate carriers.

                       ACCESS PHARMACEUTICALS, INC.
                       a development stage company

                          Selected Financial Data
                       Statements of Operations Data
                                (unaudited)

                                              Three Months
                                                March 31,
                                            1996        1995

Revenues:
   Sponsored research and development         --  $  135,000
   Option income                      $  165,000          --
      Total revenues                     165,000     135,000

Expenses:
   Sponsored research and development         --     187,000
   Proprietary research and development  181,000      28,000
   General and administrative            336,000     154,000
   Interest                               13,000      21,000
   Depreciation and amortization          36,000      31,000
   Excess purchase price               8,314,000          --
      Total expenses                   8,880,000     421,000

Net Loss From Operations             (8,715,000)   (286,000)

Other income-interest                     30,000       3,000
      Net Loss                       (8,685,000)   (283,000)

Loss per share                           ($0.34)     ($0.10)
Shares used in computing
      Loss per share                  25,535,239   2,918,328

                     Balance Sheet Data

                                     March 31,   December 31,
                                         1996           1995
                                  (unaudited)
Cash and cash equivalents          $6,813,000      $  30,000
Total assets                        7,230,000        424,000
Working capital                     6,419,000       (515,000)
Deficit accumulated during
 the development stage            (12,529,000)   (3,847,000)
Total stockholders equity           6,471,000      (348,000)

CONTACT: Lippert/Heilshorn & Associates, Inc.

Keith Lippert/Kristen Mahan, 212/838-3777

or

ACCESS PHARMACEUTICALS INC.

Kerry P. Gray, 214/905-5100