Access acquisition supplements oncology portfolio

According to Access, each of Somanta’s drug candidates acts by a unique mechanism of action, and has the potential to target a wide range of different cancer types.

In addition to its product pipeline, Access said that the capture of Somanta would give the company an experienced team of clinical development and regulatory professionals who have an established track record of guiding compounds through the FDA and EMEA approval processes.

Upon consummation of the acquisition, Somanta’s preferred and common shareholders will receive an aggregate of 1.5 million shares of Access common shares which would represent approximately 13% of the combined company assuming the conversion of Access’ existing convertible debt under existing terms of conversion. The letter of intent is non-binding. The acquisition is expected to close in the second quarter.

“The combined Access and Somanta will have a broad cancer-focused portfolio which will include one approved product, two drug candidates in phase II trials and three novel and exciting preclinical products,” stated Stephen Seiler, Access’ president and CEO. “Our goal has always been to make Access a leader in the oncology space and this acquisition fills out our product pipeline extremely well.”