Access Pharmaceuticals, MacroChem deal
Access will acquire MacroChem for 2.5 million shares valued at $8 million based on Access’ close of $3.20 on July 9, the day before the deal was announced. The deal gives Access full rights to MacroChem’s sodium phenylbutyrate (VP101), which has completed Phase I/II studies to treat glioma, leukemia and advanced prostate cancer and which was already partnered with Access. Access also gets MacroChem’s 4'-thio-beta-D-arabinofuranosylcytosine (4-thio Ara-C, VP701, SR9025), a nucleoside analog that has completed Phase I trials in advanced solid tumors. Access plans to start Phase II testing to treat glioblastoma in early 2009. Access plans to start Phase II testing of VP101 to treat glioblastoma in early 2009 and of 4-thio Ara-C to treat hematological malignancies next quarter. MacroChem gained 4-thio Ara-C through its April acquisition of Virium Pharmaceuticals Inc. (see BioCentury, April 28). ...