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news.Access Pharmaceuticals and MacroChem have signed a definitive merger agreement providing for Access to acquire MacroChem through the issuance of 2.5 million shares of Access Pharmaceuticals's common stock.
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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 National Institutes of Health 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 III clinical trials; EcoNail, a novel topical treatment for onychomycosis that is currently in a Phase II clinical trial.
Macrochem also has two proprietary dermatology drug platforms, Sepa and MacroDerm. The acquisition is expected to close in third quarter of 2008.
Jeffrey Davis, president and CEO of Access, said: “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.”