UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 28, 2005
Access Pharmaceuticals, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-9314 83-0221517
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
2600 Stemmons Freeway, Suite 176, Dallas, Texas 75207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 905-5100
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
/ / Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
/ / Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
/ / Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2 (b))
/ / Pre-commencement communications pursuant to Rule 13e-4(c)) under the
Exchange Act (17 CFR 240.13e-4 (c))
SECTION 3 - SECURITIES AND TRADING MARKETS
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
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On April 28, 2005, Access Pharmaceuticals, Inc. received notice from the staff
of The American Stock Exchange ("AMEX") indicating that we were not in
compliance with Section 1003(a)(i) of the AMEX Company Guide, in that our
stockholders' equity is less than $2 million and we have sustained losses
from continuing operations and/or net losses in two of our three most recent
fiscal years; with Section 1003(a)(ii) of the AMEX Company Guide, in that our
stockholders' equity is less than $4 million and we have sustained losses
from continuing operations and/or net losses in three of our four most recent
fiscal years; and with Section 1003(a)(iii) of the AMEX Company Guide,
in that our stockholders' equity is less than $6 million and we have sustained
losses from continuing operations and/or net losses in our five most recent
fiscal years.
In order to maintain listing of our Common Stock on AMEX, we must submit a
plan by May 31, 2005, advising AMEX of the actions we have taken, or will
take, that would bring us into compliance with the applicable listing
standards. If AMEX accepts the plan, we may be able to continue our listing
during the plan period of up to 8 months, during which time we will be subject
to periodic review to determine whether we are making progress consistent
with the plan. If AMEX does not accept our plan, or even if accepted, if we
are not in compliance with the continued listing standards at the end of the
8 month period or do not make progress consistent with the plan during such
period, AMEX may initiate delisting proceedings with respect to our Common
Stock.
We intend to submit a compliance plan to AMEX by May 31, 2005. Our Common
Stock continues to trade on AMEX.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Access Pharmaceuticals, Inc.
(Registrant)
By: /s/ Stephen B. Thompson
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Stephen B. Thompson
Vice President and
Chief Financial Officer
Dated May 4, 2005
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