Access Pharmaceuticals Inc. Agrees to License Amlexanox for Eight European Countries.DALLAS--(BW Healthwire)--Oct. 2, 1998--Access Pharmaceuticals, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AXCS AXCS Senior Chief Aviation Antisubmarine Warfare Technician (Naval Rating) ) today announced that it has signed a Letter of Intent to license amlexanox 5% paste to Meda AB of Goteborg, Sweden, for Sweden, Finland, Norway, Denmark, Latvia, Estonia, Lithuania and Iceland. Under the terms of the Agreement Meda AB will make an up-front license payment, additional milestone payments and will pay a royalty on sales. Commenting on the Agreement, Kerry P. Gray, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Access Pharmaceuticals, Inc. stated, "Meda AB has a strong presence in the Nordic region. This Agreement reflects another step in the Company's strategy to maximize the worldwide amlexanox opportunity." In addition to the Meda AB Letter of Intent, Access has entered into license agreements and letters of intent for Canada, the United Kingdom and Ireland. Agreements for additional markets are in advanced stages of negotiations. These letters of intent and licensing agreements are expected to accelerate the global marketing of amlexanox and hence the royalty payments to Access. Gray added, "Amlexanox is a significant opportunity for Access with the potential to expand market possibilities by using different formulations that could be introduced into numerous attractive markets. The ongoing out-licensing program and the formulation development activities are placing the Company in a position to significantly enhance the value of this asset." Amlexanox 5% paste is the only product approved by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for the treatment of canker sores Canker Sores Definition Canker sores are small sores or ulcers that appear inside the mouth. They are painful, self-healing, and can recur. Description and is marketed by Block Drug Company in the United States. The European dossier that has been filed in the United Kingdom will be the basis for approval in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community countries and Meda AB will separately pursue marketing approval in the other countries. Access, in conjunction with ViroTex Corporation, has commenced the development of additional mucoadhesive formulations of amlexanox for the potential treatment of additional diseases including oral lichen planus Lichen Planus Definition Lichen planus is a skin condition of unknown origin that produces small, shiny, flat-topped, itchy pink or purple raised spots on the wrists, forearms or lower legs, especially in middle-aged patients. , a disease that afflicts up to 2% of the population. It is anticipated that one or more formulations will be available for clinical testing in the second quarter of 1999. Access Pharmaceuticals, Inc. is a site-directed drug targeting company using bioresponsives carriers to target and control the release of therapeutic agents into sites of disease activity and clear the non-targeted drug fraction. In addition to amlexanox, Access is developing a unique polymer platinate for use in the treatment of cancer. Access also is developing in conjunction with its partner Strakan Ltd. a topical zinc delivery system called ResiDerm(TM) that provides rapid delivery and reservoir of a drug in the skin. This press release contains certain statement that are forward-looking and that involve risks and uncertainties, including but not limited to the uncertainties associated with research and development activities, future capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , anticipated option and licensing revenues, dependence on others, collaborations and other risks detailed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1997. |
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