----

----

|   |   |                                                                                                    |
|--------|--------|---------------------------------------------------------------------------------------------------------|
| þ |   | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934  |

|   |   |                                                                                                     |
|--------|--------|----------------------------------------------------------------------------------------------------------|
| o      |   | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934  |

|    Delaware            |                                                                         |  83-0221517                      |
|--------------------------------------------|------------------------------------------------------------------------------|--------------------------------------------|
|  (State or      other jurisdiction of |                                                                         |  (I.R.S. Employer      I.D. No.) |
|  incorporation      or organization)  |                                                                         |                                       |
|                                       |                                                                         |                                       |
|                                       |     2600 Stemmons      Frwy, Suite 176, Dallas, TX 75207 |                                       |
|                                       |  (Address of      principal executive offices)                          |                                       |
|                                       |                                                                         |                                       |

|                                |   |                                              |   |                              |   |                                       |
|-------------------------------------|--------|---------------------------------------------------|--------|-----------------------------------|--------|--------------------------------------------|
| Large      accelerated filer o |   | Accelerated      filer o                     |   | Non-accelerated      filer o |   | Smaller      reporting company þ |
|                                |   | (Do      not check if a smaller reportingcompany) |

----

| ACCESS      PHARMACEUTICALS, INC.   |
|-------------------------------------|
|                                |   |   |   |   |   |   |   |   |   |   |
| INDEX                               |
|                                |   |   |   |   |   |   |   |   |   |   |
| PART      I - FINANCIAL INFORMATION |   |   |   |   |   | Page      No. |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      1. |   | Financial      Statements: |   |   |   |   |   |   |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   | Condensed      Consolidated Balance Sheets at June 30, 2009 |   |   |
|                                |   |   | (unaudited)      and December 31, 2008 (unaudited) |   |   | 15 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   | Condensed      Consolidated Statements of Operations (unaudited) for the |   |
|                                |   |   | three      and six months ended June 30, 2009 and June 30, 2008 |   | 16 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   | Condensed      Consolidated Statement of Stockholders’ Deficit(unaudited) |   |
|                                |   |   | for      the six months ended June 30, 2009 |   |   |   | 17 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   | Condensed      Consolidated Statements of Cash Flows (unaudited) for the |   |
|                                |   |   | six      months ended June 30, 2009 and June 30, 2008 |   |   | 18 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   | Notes      to Unaudited Condensed Consolidated Financial Statements | 19 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      2. |   | Management's      Discussion and Analysis of Financial Condition and |   |
|                                |   |   | Results      of Operations |   |   |   |   |   | 2 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      3. |   | Quantitative      and Qualitative Disclosures About Market Risk |   | 9 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      4T. |   | Controls      and Procedures |   |   |   |   | 9 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                |   |   |   |   |   |   |   |
| PART      II - OTHER INFORMATION    |   |   |   |   |   |   |   |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      1. |   | Legal      Proceedings |   |   |   |   |   | 11 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      2. |   | Unregistered      Sales of Equity Securities and Use of Proceeds |   |   | 11 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      3. |   | Defaults      Under Senior Securities |   |   |   |   | 11 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      4. |   | Submission      of Matters to a Vote of Security Holders |   |   | 11 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      5. |   | Other      Information |   |   |   |   |   | 12 |
|                                |   |   |   |   |   |   |   |   |   |   |
|                                | Item      6. |   | Exhibits |   |   |   |   |   |   | 12 |
|                                |   |   |   |   |   |   |   |   |   |   |
| SIGNATURES                          |   |   |   |   |   |   |   |   | 14 |
|                                |   |   |   |   |   |   |   |   |   |   |
| CERTIFICATIONS                      |   |   |   |   |   |   |   |   |

----

| ITEM      2. | MANAGEMENT'S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS |
|--------------|-------------------------------------------------------------------------------------------------|

----

| ·   | MuGardTM      is our approved product for the management of oral mucositis, a frequent      side-effect of cancer therapy for which there is no established treatment.      The market for mucositis treatment is estimated to be in excess of $1      billion world-wide. MuGard, a proprietary nanopolymer formulation, has      received marketing allowance in the U.S. from the Food & Drug      Administration (“FDA”). MuGard has been launched in Germany, Italy, UK,      Greece and the Nordic countries by our European commercial partner,      SpePharm. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      lead development candidate for the treatment of cancer is ProLindacTM, a      nanopolymer DACH-platinum prodrug. We recently completed a Phase 2      clinical trial on ProLindac in the EU in patients with ovarian cancer. The      clinical study had positive safety and efficacy results. We are currently      planning a number of combination trials, looking at combining ProLindac      with other cancer agents such as taxol and gemcitabine, in solid tumor      indications including colorectal and ovarian. The DACH-platinum      incorporated in ProLindac is the same active moiety as that in oxaliplatin      (Eloxatin; Sanofi-Aventis), which has sales in excess of $2.0      billion. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Thiarabine,      or 4-thio Ara-C, is a next generation nucleoside analog licensed from      Southern Research Institute. Previously named SR9025 and OSI-7836, the      compound has been in two Phase 1/2 solid tumor human clinical trials and      was shown to have anti-tumor activity. We are working with leukemia and      lymphoma specialists at MD Anderson Cancer Center in Houston and intend to      initiate additional Phase 2 clinical trials in adult AML, ALL and other      indications. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | CobalaminTM      is our proprietary preclinical nanopolymer oral drug delivery technology      based on the natural vitamin B12 oral uptake mechanism. We are currently      developing a product for the oral delivery of insulin, and are conducting      sponsored development of a product for oral delivery of human growth      hormone. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Angiolix®      is our preclinical humanized monoclonal antibody which acts as an      anti-angiogenesis factor and is targeted to lactadherin, a glycoprotein      secreted by cancer cells, notably breast, ovarian and colorectal      cancers. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Cobalamin-mediated      cancer targeted delivery is a preclinical technology which makes use of      the fact that cell surface receptors for vitamins such as B12 are often      overexpressed by cancer cells. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Compound                                                                 |   | Originator                            |   |  Technology                  |   | Indication |   | ClinicalStage (1)                              |
|--------------------------------------------------------------------------|--------|---------------------------------------|--------|-----------------------------------|--------|------------|--------|------------------------------------------------|
|                                                                     |   |                                  |   |                              |   |       |   |                                           |
| MuGardTM                                                            |   | Access                                |   | Mucoadhesiveliquid                |   | Mucositis  |   | (510k)      Marketing clearance received  |
| ProLindacTM      (Polymer   Platinate,      AP5346)  |   | Access      /Univ      ofLondon  |   | Syntheticpolymer                  |   | Cancer     |   | Phase      2                                   |
| Thiarabine      (4-thio Ara-C)                                           |   | SouthernResearchInstitute        |   | Smallmolecule                     |   | Cancer     |   | Phase      1/2                                 |
| Oral      Insulin                                                   |   | Access                                |   | Cobalamin                         |   | Diabetes   |   | Pre-clinical                                   |
| Oral      Delivery System                                           |   | Access                                |   | Cobalamin                         |   | Various    |   | Pre-clinical                                   |
| Angiolix®                                                      |   | Immunodex,Inc.                   |   | Humanizedmonoclonalantibody  |   | Cancer     |   | Pre-clinical                                   |
| Cobalamin-Targeted      Therapeutics                                     |   | Access                                |   | Cobalamin                         |   | Anti-tumor |   | Pre-clinical                                   |

| (1)   | For      more information, see “Government Regulation” under Item 1 in our Annual      Report on Form 10-K for the year ended December 31,  2008. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | research      and development expenses incurred by MacroChem in the second quarter of      2008, which are no longer ongoing, and MacroChem’s acquisition of Virium      on April 18, 2008, which resulted in a second quarter non-cash in-process      research and development expense($9,657,000); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      costs for product manufacturing for a new ProLindac clinical trial in 2009      as some manufacturing is complete and a clinical trial has started      ($459,000); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      salary and related expenses($67,000); |
|--------------------|--------------------------------------------------|

| ·   | lower      scientific consulting expenses ($63,000); |
|--------------------|------------------------------------------------------|

| ·   | offset      by higher expenses due to the cost of option grants ($72,000);      and |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | other      net decreases in research spending($99,000). |
|--------------------|---------------------------------------------------------|

----

| ·   | general      and administrative expenses incurred by MacroChem in the second quarter of      2008 that are no longer ongoing($1,177,000); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      patent expenses ($172,000); |
|--------------------|----------------------------------------|

| ·   | lower      salary and related expenses($17,000); |
|--------------------|--------------------------------------------------|

| ·   | offset      by higher business professional expenses  ($214,000); |
|--------------------|-------------------------------------------------------------------|

| ·   | higher      shareholder consultant expenses($185,000); |
|--------------------|--------------------------------------------------------|

| ·   | higher      expenses due to the cost of option grants  ($96,000); |
|--------------------|-------------------------------------------------------------------|

| ·   | accrual      of potential liquidated damages under an investor rights agreement with      certain investors ($109,000); and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | other      net decreases in general and administrative expenses      ($10,000). |
|--------------------|---------------------------------------------------------------------------------|

----

| ·   | the      Somanta acquisition resulted in a one-time non-cash in-process research      and development expense in the first quarter of 2008      ($8,879,000); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | research      and development expenses incurred by MacroChem in the first six months of      2008, which are no longer ongoing($465,000); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | MacroChem’s      acquisition of Virium on April 18, 2008 which resulted in a one-time      non-cash in-process research and development expense      ($9,657,000); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      costs for product manufacturing due to the start of a new ProLindac      clinical trial ($594,000); |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | lower      salary and related expenses($60,000); |
|--------------------|--------------------------------------------------|

| ·   | lower      scientific consulting expenses($60,000); |
|--------------------|-----------------------------------------------------|

| ·   | lower      travel expenses ($56,000); |
|--------------------|---------------------------------------|

| ·   | offset      by higher expenses due to option grants ($95,000);  and |
|--------------------|---------------------------------------------------------------------|

| ·   | other      net decreases in research spending($67,000). |
|--------------------|---------------------------------------------------------|

| ·        | general      and administrative expenses incurred by MacroChem in the first six months      of 2008 that are no longer ongoing   ($1,996,000); |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·        | lower      salary and related expenses($38,000); |
|--------------------|--------------------------------------------------|

| ·        | offset      by higher business professional expenses  ($302,000); |
|--------------------|-------------------------------------------------------------------|

|  | ·        | accrual      of potential liquidated damages under an investor rights agreement with      certain investors ($267,000); |
|--|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·        | higher      expenses due to the cost of option grants ($73,000);  and |
|--------------------|-----------------------------------------------------------------------|

| ·        | other      net decreases in general and administrative expenses      ($125,000). |
|--------------------|----------------------------------------------------------------------------------|

----

| ITEM      3. | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK |
|--------------|----------------------------------------------------------------|

----

----

|  | ITEM      2. | UNREGISTERED      SALES OF EQUITY SECURITIES AND USE OFPROCEEDS |
|--|--------------|-----------------------------------------------------------------|

----

|  | — | Three      directors were re-elected for three years terms with the following      votes: |
|--|---------|-------------------------------------------------------------------------------------------|

|  |   | Steven      H. Rouhandeh; 14,763,704- For; and 173,600-Withheld    Authority |
|--|--------|------------------------------------------------------------------------------|

|  |   | Stephen      B. Howell, MD; 14,754,551- For; and 182,753- Withheld      Authority |
|--|--------|-----------------------------------------------------------------------------------|

|  |   | David      P. Luci; 14,670,070- For; and 267,234- Withheld  Authority |
|--|--------|-----------------------------------------------------------------------|

|  |   | The      terms of office as a director of Access of each of Mark J. Ahn, Mark J.      Alvino, Esteban Cvitkovic and Jeffrey B. Davis continued after the      meeting. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | — | A      proposal to ratify the appointment of Whitley Penn LLP as independent      certified public accounts for the Company for the fiscal year ending      December 31, 2009 was approved with 14,764,474- For; 13,021- Against; and      35,809- Abstain. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  ITEM 5.  |  OTHER    INFORMATION |
|---------------------|----------------------------|

| ITEM      6. | EXHIBITS |
|--------------|----------|

| 2.2 | Agreement      and Plan of Merger, by and among Access Pharmaceuticals, Inc., Somanta      Acquisition Corporation, Somanta Pharmaceuticals, Inc., Somanta      Incorporated and Somanta Limited, dated April 18, 2007. (Incorporated by      reference to Exhibit 2.1 to our Form 8-K dated April 18,    2007) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Agreement      and Plan of Merger, by and among Access Pharmaceuticals, Inc., MACM      Acquisition Corporation and MacroChem Corporation, dated July 9,      2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1 | Certificate      of Incorporation (Incorporated by Reference to Exhibit 3(a) of our Form      8-B dated July 12, 1989, Commission File Number  9-9134) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Certificate      of Merger filed January 25, 1996. (Incorporated by reference to Exhibit E      of our Registration Statement on Form S-4 dated December 21, 1995,      Commission File No. 33-64031) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Certificate      of Amendment of Certificate of Incorporation filed January 25, 1996.      (Incorporated by reference to Exhibit E of our Registration Statement on      Form S-4 dated December 21, 1995, Commission File No.      33-64031) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | Certificate      of Amendment of Certificate of Incorporation filed July 18, 1996.      (Incorporated by reference to Exhibit 3.8 of our Form 10-K for the year      ended December 31, 1996) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.6 | Certificate      of Amendment of Certificate of Incorporation filed June 18, 1998.      (Incorporated by reference to Exhibit 3.8 of our Form 10-Q for the quarter      ended June 30, 1998) |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7   | Certificate      of Amendment of Certificate of Incorporation filed July 31, 2000.      (Incorporated by reference to Exhibit 3.8 of our Form 10-Q for the quarter      ended March 31, 2001) |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | Certificate      of Designations of Series A Junior Participating Preferred Stock filed      November 7, 2001 (Incorporated by reference to Exhibit 4.1.h of our      Registration Statement on Form S-8, dated December 14, 2001, Commission      File No. 333-75136) |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.9 | Amended      and Restated Bylaws (Incorporated by reference to Exhibit 3.1 of our Form      10-Q for the quarter ended June 30,1996) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 3.10 | Certificate      of Designations, Rights and Preferences of Series A Cumulative Convertible      Preferred Stock (Incorporated by reference to Exhibit 3.10 to our Form      10-K for the year ended December 31,2007) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.11 | Certificate      of Amendment to Certificate of Designations, Rights and Preferences of      Series A Cumulative Convertible Preferred Stock filed June 11, 2008 (Incorporated      by reference to Exhibit 3.11 of our Form 10-Q for the quarter ended June      30, 2008) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification      of Chief Executive Officer of Access Pharmaceuticals, Inc. pursuant to      Rule 13a-14(a)/15d-14(a) |
|------|-------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification      of Chief Financial Officer of Access Pharmaceuticals, Inc. pursuant to      Rule 13a-14(a)/15d-14(a) |
|------|-------------------------------------------------------------------------------------------------------------------------|

| 32.1* | Certification      of Chief Executive Officer of Access Pharmaceuticals, Inc. pursuant to 18      U.S.C. Section 1350 |
|-------|-----------------------------------------------------------------------------------------------------------------------|

| 32.2* | Certification      of Chief Financial Officer of Access Pharmaceuticals, Inc. pursuant to 18      U.S.C. Section 1350 |
|-------|-----------------------------------------------------------------------------------------------------------------------|

----

| Date:  |   | August 12, 2009 |                                             | By: | /s/ Jeffrey B. Davis    |
|--------|--------|-----------------|--------------------------------------------------|-----|-------------------------|
|   |   |            | Jeffrey      B. Davis                            |
|   |   |            | Chief      Executive Officer                     |
|   |   |            | (Principal      Executive Officer)               |
|   |   |            |                                             |
| Date:  |   | August 12, 2009 |                                             | By: | /s/ Stephen B. Thompson |
|   |   |            | Stephen      B. Thompson                         |
|   |   |            | Vice      President and Chief Financial Officer  |
|   |   |            | (Principal      Financial and Accounting Officer |
|   |   |            |                                             |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  June 30, 2009                                                                                                                                          |   |  December      31, 2008                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                            ASSETS                                                                                                                                                                                                                                                                                                                                                                               |                        (unaudited)   |   |   (unaudited)(See      Note 4)                                                                                                    |
|  Current      assetsCash and cash      equivalents   ReceivablesPrepaid expenses and other      current assets                                                                                                                                                                                                                                                                                                                                                                                                                          |  $        1,231,00015,00056,000                                                                                      |   |  $        2,677,000147,000           173,000 |
|  Total      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  1,302,000                                                                                                                                                   |   |  2,997,000                                                                                                                                  |
|   Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  70,000                                                                                                                                                 |   |  95,000                                                                                                                                |
|   Patents,      net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  909,000                                                                                                                                                |   |  1,015,000                                                                                                                             |
|   Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  70,000                                                                                                                                                 |   |  123,000                                                                                                                               |
|              Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  $        2,351,000                                                                                             |   |  $        4,230,000                                                                            |
|          LIABILITIES      AND STOCKHOLDERS' DEFICIT                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                              |   |                                                                                                                                             |
|  Current      liabilities  Accounts      payable  Accrued      expenses  Dividends      payable  Accrued      interest payable  Notes      payable  Current      portion of deferred revenue                                                                                                                                                                                                                                                                                               |   $        3,653,0001,029,0001,866,000340,000-256,000                                                      |   |   $        3,824,000798,0001,896,000145,000825,000164,000                                 |
|  Total      current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  7,144,000                                                                                                                                                   |   |  7,652,000                                                                                                                                  |
| Long-term      deferred revenueLong-term      debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3,533,0005,500,000                                                                                                                                                |   | 2,245,0005,500,000                                                                                                                               |
|   Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  16,177,000                                                                                                                                                  |   |  15,397,000                                                                                                                                 |
|  Commitments      and contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                              |   |                                                                                                                                             |
|  Stockholders'      deficitConvertible      Series A preferred stock - $.01 par value; authorized2,000,000      shares; 3,207.8617 issued at June 30, 2009 and3,242.8617      at December 31, 2008Common      stock - $.01 par value; authorized 100,000,000 shares;issued,      11,613,605 at June 30, 2009 and 9,467,474 atDecember      31, 2008  Additional      paid-in capital  Notes      receivable from stockholders  Treasury      stock, at cost – 163 shares  Accumulated      deficit  |     -  116,000228,333,000(1,045,000)(4,000)(241,226,000)                                                                       |   |     -  95,000225,753,000(1,045,000)(4,000)(235,966,000)                                                       |
|  Total      stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  (13,826,000)                                                                                                                                                |   |  (11,167,000)                                                                                                                               |
|              Total      liabilities and stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                         |  $        2,351,000                                                                                             |   |  $        4,230,000                                                                            |

----

|                                                                                       |   | Three      months endedJune 30, |       |   | Six      months endedJune 30, |   |
|--------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|-------------------------------|--------|
|                                                                                       |   | 2009                  |       |   | 2008 (See      Note 4)   |   |   | 2009 (See      Note 4) |   |   | 2008 (See      Note 4) |   |
| Revenues                                                                                   |   |                            |       |   |                          |   |   |   |   |   |   |   |
| License      revenues                                                                      |   | $                               | 63,000     |   |                          | $      | 22,000 |   |   | $ | 104,000 |   |   | $ | 39,000 |   |
| Sponsored      research and development                                                    |   |                            | -          |   |                          |   | 110,000 |   |   |   | - |   |   |   | 131,000 |   |
| Total      revenues                                                                        |   |                            | 63,000     |   |                          |   | 132,000 |   |   |   | 104,000 |   |   |   | 170,000 |   |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                   |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Research      and development                                                              |   |                            | 582,000    |   |                          |   | 10,855,000 |   |   |   | 1,269,000 |   |   |   | 21,012,000 |   |
| General      and administrative                                                            |   |                            | 1,507,000  |   |                          |   | 2,279,000 |   |   |   | 2,754,000 |   |   |   | 4,118,000 |   |
| Depreciation      and amortization                                                         |   |                            | 66,000     |   |                          |   | 78,000 |   |   |   | 132,000 |   |   |   | 166,000 |   |
| Total      expenses                                                                        |   |                            | 2,155,000  |   |                          |   | 13,212,000 |   |   |   | 4,155,000 |   |   |   | 25,296,000 |   |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                  |   |                            | (2,092,000 | )      |                          |   | (13,080,000 | ) |   |   | (4,051,000 | ) |   |   | (25,126,000 | ) |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous income                                                     |   |                            | 2,000      |   |                          |   | 40,000 |   |   |   | 16,000 |   |   |   | 141,000 |   |
| Interest      and other expense                                                            |   |                            | (118,000   | )      |                          |   | (221,000 | ) |   |   | (262,000 | ) |   |   | (329,000 | ) |
|                                                                                       |   |                            | (116,000   | )      |                          |   | (181,000 | ) |   |   | (246,000 | ) |   |   | (188,000 | ) |
| Net      loss                                                                              |   |                            | (2,208,000 | )      |                          |   | (13,261,000 | ) |   |   | (4,297,000 | ) |   |   | (25,314,000 | ) |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Less      preferred stock dividends                                                        |   |                            | 483,000    |   |                          |   | 517,000 |   |   |   | 963,000 |   |   |   | 2,350,000 |   |
| Net      loss allocable to common stockholders                                             |   | $                               | (2,691,000 | )      |                          | $      | (13,778,000 | ) |   | $ | (5,260,000 | ) |   | $ | (27,664,000 | ) |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per common shareNet      loss allocable to common shareholders |   | $                               | (0.24      | )      |                          | $      | (1.69 | ) |   | $ | (0.48 | ) |   | $ | (3.45 | ) |
|                                                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average basic and dilutedcommon      shares outstanding                      |   |                            | 11,406,700 |   |                          |   | 8,135,869 |   |   |   | 10,954,472 |   |   |   | 8,008,064 |   |

----

|                                                                                                                                       |   |   | Common Stock     |   |   |   | Preferred Stock  |   |   |   |              |   |   |   | Notes        |   |   |   |                   |   |   |   |               |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------|-----------------------|--------|--------|--------|-------------------|--------|--------|--------|------------------------|--------|--------|--------|------------------------|--------|--------|--------|--------------------|--------|
|                                                                                                                                       |   |   |                  |   |   |   |                  |   |   |   |              |   |   |   |  Additional  |   |   |   | receivable   |   |   |   |               |   |   |   |   |   |
|                                                                                                                                       |   |   |                  |   |   |   |                  |   |   |   |              |   |   |   |                   |   |   |   | paid-in      |   |   |   | from     |   |   |   | Treasury  |   |   |   | Accumulated   |   |
|                                                                                                                                       |   |   | Shares           |   |   |   | Amount           |   |   |   | Shares       |   |   |   | Amount            |   |   |   | capital           |   |   |   | stockholders  |   |   |   | stock  |   |   |   | deficit  |   |
|                                                                                                                                       |   |   |                  |   |   |   |                  |   |   |   |              |   |   |   |                   |   |   |   |                   |   |   |   |               |   |   |   |   |   |   |   |   |   |
| Access-MacroChem,as      if combined atDecember      31, 2008(See      Note 4)                                                             |   |   |   9,467,000      |   |   | $      | 95,000                |   |   |   |   3,242.8617 |   |   | $      |  -                |   |   | $      | 225,753,000            |   |   | $      | (1,045,000         | )      |   | $ | (4,000 | ) |   | $ | (235,966,000 | ) |
| Common      stock issued        for preferred        dividends                                                    |   |   | 894,000               |   |   |   | 9,000                 |   |   |   | -                 |   |   |   | -                      |   |   |   | 847,000                |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Warrants      issued for  services                                                                                               |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | 24,000                 |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Stock      option  compensation      expense                                                                                     |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | 56,000                 |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Common      stock issued  to MacroChem  noteholders for      notes  and      accrued interest |   |   |     859,000 |   |   |   |     8,000   |   |   |   |     -   |   |   |   |     -        |   |   |   |     851,000  |   |   |   |     -    |   |   |   |     - |   |   |   |     - |   |
| Common      stock issued  to former  MacroChem executives                                                    |   |   |   95,000         |   |   |   |   1,000          |   |   |   |   -          |   |   |   |   -               |   |   |   |   132,000         |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Preferred      dividends                                                                                                                   |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | -                      |   |   |   | -                  |   |   |   | - |   |   |   | (480,000 | ) |
| Net      loss                                                                                                                              |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | -                      |   |   |   | -                  |   |   |   | - |   |   |   | (2,089,000 | ) |
| Balance      at March 31,   2009                                                                                            |   |   | 11,315,000            |   |   |   | 113,000               |   |   |   | 3,242.8617        |   |   |   | -                      |   |   |   |  227,663,000      |   |   |   | (1,045,000         | )      |   |   | (4,000 | ) |   |   | (238,535,000 | ) |
|                                                                                                                                       |   |   |                  |   |   |   |                  |   |   |   |              |   |   |   |                   |   |   |   |                   |   |   |   |               |   |   |   |   |   |   |   |   |   |
| Warrants      issued for  services                                                                                               |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | 27,000                 |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Stock      option  compensation      expense                                                                                     |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | 252,000                |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Preferred      stock  converted into  common      stock                                                           |   |   | 117,000               |   |   |   | 1,000                 |   |   |   | (35.0000          | )      |   |   | -                      |   |   |   | (1,000                 | )      |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Common      stock issued to  former      MacroChem  executives                                                         |   |   |   30,000         |   |   |   |   -              |   |   |   |   -          |   |   |   |   -               |   |   |   |   64,000          |   |   |   |   -           |   |   |   |   - |   |   |   |   - |   |
| Common      stock issued   for      cash exercise of   options                                               |   |   |   25,000         |   |   |   |   -              |   |   |   |   -          |   |   |   |   -               |   |   |   |   14,000          |   |   |   |   -           |   |   |   |   - |   |   |   |   - |   |
| Restricted      common        stock issued      for        services                                               |   |   | 127,000               |   |   |   | 2,000                 |   |   |   | -                 |   |   |   | -                      |   |   |   | 314,000                |   |   |   | -                  |   |   |   | - |   |   |   | - |   |
| Preferred      dividends                                                                                                                   |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | -                      |   |   |   | -                  |   |   |   | - |   |   |   | (483,000 | ) |
| Net      loss                                                                                                                              |   |   | -                     |   |   |   | -                     |   |   |   | -                 |   |   |   | -                      |   |   |   | -                      |   |   |   | -                  |   |   |   | - |   |   |   | (2,208,000 | ) |
| Balance      at June 30,  2009                                                                                                   |   |   | 11,614,000            |   |   | $      | 116,000               |   |   |   | 3,207.8617        |   |   | $      | -                      |   |   | $      | 228,333,000            |   |   | $      | (1,045,000         | )      |   | $ | (4,000 | ) |   | $ | (241,226,000 | ) |
|                                                                                                                                       |   |   |                  |   |   |   |                  |   |   |   |              |   |   |   |                   |   |   |   |                   |   |   |   |               |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                            |   |        Six Months ended June      30, |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                                                                                                                                                            |   | 2009                                       |       |   | 2008 |   |
| Cash      flows from operating activities:                                                                                                                                                                      |   |                                       |       |   |   |   |
|      Net      loss                                                                                                                                                                     |   | $                                          | (4,297,000 | ) |   | $ | (25,314,000 | ) |
|   Adjustments to      reconcile net loss to cash used              in      operating activities:                                |   |                                       |       |   |   |   |   |   |
| Depreciation and      amortization                                                                                                                                                                              |   |                                       | 132,000    |   |   |   | 166,000 |   |
| Stock option      expense                                                                                                                                                                                       |   |                                       | 308,000    |   |   |   | 673,000 |   |
| Stock and warrants issued for      services                                                                                                                                                                     |   |                                       | 564,000    |   |   |   | 100,000 |   |
| Acquired in-process research      and development                                                                                                                                                               |   |                                       | -          |   |   |   | 18,536,000 |   |
| Change in operating assets and      liabilities:                                                                                                                                                                |   |                                       |       |   |   |   |   |   |
| Receivables                                                                                                                                                                                                     |   |                                       | 132,000    |   |   |   | (70,000 | ) |
| Prepaid      expenses and other current assets                                                                                                                                                                  |   |                                       | 117,000    |   |   |   | (255,000 | ) |
| Other assets                                                                                                                                                                                                    |   |                                       | 53,000     |   |   |   | - |   |
| Accounts payable and accrued      expenses                                                                                                                                                                      |   |                                       | 60,000     |   |   |   | (754,000 | ) |
| Dividends    payable                                                                                                                                                                                            |   |                                       | (137,000   | ) |   |   | (25,000 | ) |
| Accrued interest      payable                                                                                                                                                                                   |   |                                       | 229,000    |   |   |   | 209,000 |   |
| Deferredrevenue                                                                                                                                                                                                 |   |                                       | 1,380,000  |   |   |   | 1,069,000 |   |
| Net cash used in operating      activities                                                                                                                                                                      |   |                                       | (1,459,000 | ) |   |   | (5,665,000 | ) |
|                                                                                                                                                                                                            |   |                                       |       |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                      |   |                                       |       |   |   |   |   |   |
|     Capital      expenditures                                                                                                                                                               |   |                                       | (2,000     | ) |   |   | (31,000 | ) |
|  Proceeds from sale of      asset                                                                                                                                                                          |   |                                       | 1,000      |   |   |   | - |   |
|  Redemptions of short-term      investments and certificate    of      deposits                                                                                                        |   |                                       | -          |   |   |   | 1,470,000 |   |
|  Virium acquisition by      MacroChem, net of cash acquired                                                                                                                                                |   |                                       | -          |   |   |   | (240,000 | ) |
|  Somanta acquisition, net      of cash acquired                                                                                                                                                            |   |                                       | -          |   |   |   | (65,000 | ) |
| Net cash provided by (used in)      investing activities                                                                                                                                                        |   |                                       | (1,000     | ) |   |   | 1,134,000 |   |
|                                                                                                                                                                                                            |   |                                       |       |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                      |   |                                       |       |   |   |   |   |   |
|  Proceeds from debt      issuance                                                                                                                                                                          |   |                                       | -          |   |   |   | 400,000 |   |
|     Payments      of notes payable                                                                                                                                                          |   |                                       | -          |   |   |   | (639,000 | ) |
|  Proceeds from exercise of      common stock options                                                                                                                                                       |   |                                       | 14,000     |   |   |   | 15,000 |   |
|     Proceeds      from preferred stock issuances, net of costs                                                                                                                              |   |                                       | -          |   |   |   | 2,444,000 |   |
| Net cash provided by financing      activities                                                                                                                                                                  |   |                                       | 14,000     |   |   |   | 2,220,000 |   |
|                                                                                                                                                                                                            |   |                                       |       |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                                                                                                                  |   |                                       | (1,446,000 | ) |   |   | (2,311,000 | ) |
| Cash      and cash equivalents at beginning of period                                                                                                                                                           |   |                                       | 2,677,000  |   |   |   | 2,582,000 |   |
| Cash      and cash equivalents at end of period                                                                                                                                                                 |   | $                                          | 1,231,000  |   |   | $ | 271,000 |   |
|                                                                                                                                                                                                            |   |                                       |       |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                        |   |                                       |       |   |   |   |   |   |
|    Cash      paid for interest                                                                                                                                                                   |   | $                                          | -          |   |   | $ | 8,000 |   |
|                                                                                                                                                                                                            |   |                                       |       |   |   |   |   |   |
| Supplemental      disclosure of noncash transactions:                                                                                                                                                           |   |                                       |       |   |   |   |   |   |
| Shares issued for payables,      notes payable and accrued interest                                                                                                                                             |   |                                       | 859,000    |   |   |   | 1,576,000 |   |
| Shares issued for dividends on      preferred stock                                                                                                                                                             |   |                                       | 856,000    |   |   |   | - |   |
|   Preferred      stock dividends in dividends payable                                                                                                                                                 |   |                                       | 963,000    |   |   |   | 525,000 |   |
|   Beneficial      conversion feature –     February      2008 preferred stock dividends    November      2007 preferred stock dividends correction |   |                                       | --         |   |   |   | 857,000451,000 |   |
|   Preferred      stock issuance costs paid in cash                                                                                                                                                    |   |                                       | -          |   |   |   | 281,000 |   |
|  Debt      discount related to MacroChem convertible debt issuance                                                                                                                                         |   |                                       | -          |   |   |   | 93,000 |   |

----

| (1)   | Interim      Financial Statements |
|-----------------|-----------------------------------|

----

|                                            | June      30, 2009                                                       | December      31, 2008                                 |
|-------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------|
|                                            | Grosscarryingvalue                                                       |  Accumulatedamortization                          | Grosscarryingvalue |  AccumulatedAmortization |
| Amortizable      intangible assets Patents |   $         2,624 |   $      1,715 |   $     2,624 |   $1,609 |
|                                            |                                                                     |                                                   |   |   |

|  2009                      |   |   $         106 |
|-------------------------------------------|--------|------------------------------------------------------------------------|
|  2010                      |   |  212                                                              |
|  2011            |   |  212                                                              |
|  2012                 |   |  82                                                               |
|  2013                 |   |  44                                                               |
|  over 5      years    |   |  253                                                              |
|                                      |   |                                                                   |
|  Total           |   |   $         909 |

----

|                             |   |                        |            |
|----------------------------------|--------|-----------------------------|-----------------|
|                             |   | Access      Pharmaceuticals |            |   | MacroChem      Corporation |   |   | Combined |   |
| Current      assets              |   | $                           | 3,550,000       |   |   | $ | 82,000 |   |   | $ | 2,997,000 |   |
| Total      assets                |   |                        | 4,257,000       |   |   |   | 608,000 |   |   |   | 4,230,000 |   |
| Current      liabilities         |   |                        | 4,906,000       |   |   |   | 3,485,000 |   |   |   | 7,652,000 |   |
| Long-term      deferred revenue  |   |                        | 2,245,000  |   |   |   | 29,000  |   |   |   | 2,245,000 |   |
| Long-term      debt              |   |                        | 5,500,000       |   |   |   | - |   |   |   | 5,500,000 |   |
| Stockholders’      deficit |   |                        | (8,394,000      | ) |   |   | (2,906,000 | ) |   |   | (11,167,000 | ) |

----

|                                                                                                                                              |   | For the six months ended June 30,      2009 |       |   | For the year ended December 31,      2008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|------------|--------|-------------------------------------------|--------|
|                                                                                                                                              |   |                                        |       |   |                                      |   |
|                                                                                                                                              |   | Access      Pharmaceuticals                 |       |   | MacroChem      Corporation                |   |   | Combined |   |   | Access      Pharmaceuticals |   |   | MacroChem      Corporation |   |   | Combined |   |
| Total      revenues                                                                                                                               |   | $                                           | 103,000    |   |                                      | $      | 1,000 |   |   | $ | 104,000 |   |   | $ | 291,000 |   |   | $ | 4,000 |   |   | $ | 295,000 |   |
|                                                                                                                                              |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                          |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Research      and development                                                                                                                     |   |                                        | 1,269,000  |   |                                      |   | - |   |   |   | 1,269,000 |   |   |   | 12,613,000 |   |   |   | 10,698,000 |   |   |   | 23,311,000 |   |
| General      and administrative                                                                                                                   |   |                                        | 2,558,000  |   |                                      |   | 196,000 |   |   |   | 2,754,000 |   |   |   | 4,340,000 |   |   |   | 3,044,000 |   |   |   | 7,384,000 |   |
| Depreciation      and   amortization                                                                                               |   |                                        | 105,000    |   |                                      |   | 27,000 |   |   |   | 132,000 |   |   |   | 253,000 |   |   |   | 55,000 |   |   |   | 308,000 |   |
|       Total      expenses                                                                                           |   |                                        | 3,932,000  |   |                                      |   | 223,000 |   |   |   | 4,155,000 |   |   |   | 17,206,000 |   |   |   | 13,797,000 |   |   |   | 31,003,000 |   |
|                                                                                                                                              |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                                                                         |   |                                        | (3,829,000 | )      |                                      |   | (222,000 | ) |   |   | (4,051,000 | ) |   |   | (16,915,000 | ) |   |   | (13,793,000 | ) |   |   | (30,708,000 | ) |
|                                                                                                                                              |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous   income                                                                                           |   |                                        | 16,000     |   |                                      |   | - |   |   |   | 16,000 |   |   |   | 178,000 |   |   |   | 33,000 |   |   |   | 211,000 |   |
| Interest      and other expense                                                                                                                   |   |                                        | (236,000   | )      |                                      |   | (26,000 | ) |   |   | (262,000 | ) |   |   | (478,000 | ) |   |   | (433,000 | ) |   |   | (911,000 | ) |
| Gain      on change in value of   warrant      liability                                                                           |   |                                        | -          |   |                                      |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,972,000 |   |   |   | 3,972,000 |   |
|                                                                                                                                              |   |                                        | (220,000   | )      |                                      |   | (26,000 | ) |   |   | (246,000 | ) |   |   | (300,000 | ) |   |   | 3,572,000 |   |   |   | 3,272,000 |   |
| Loss      from operations                                                                                                                         |   |                                        | (4,049,000 | )      |                                      |   | (248,000 | ) |   |   | (4,297,000 | ) |   |   | (17,215,000 | ) |   |   | (10,221,000 | ) |   |   | (27,436,000 | ) |
| Less      preferred stock   dividends                                                                                              |   |                                        | (963,000   | )      |                                      |   | - |   |   |   | (963,000 | ) |   |   | (3,358,000 | ) |   |   | - |   |   |   | (3,358,000 | ) |
| Net      loss allocable to   common      stockholders                                                                              |   | $                                           | (5,012,000 | )      |                                      | $      | (248,000 | ) |   | $ | (5,260,000 | ) |   | $ | (20,573,000 | ) |   | $ | (10,221,000 | ) |   | $ | (30,794,000 | ) |
|                                                                                                                                              |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per   common      share                                                                                |   |                                        |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net      loss allocable to     common      stockholders                                                |   |                                        | -          |   |                                      |   | - |   |   | $ | (0.48 | ) |   |   | - |   |   |   | - |   |   | $ | (3.69 | ) |
|   Weighted      average basic     and      diluted common     shares      outstanding |   |                                        | -          |   |                                      |   | - |   |   |   | 10,954,472 |   |   |   | - |   |   |   | - |   |   |   | 8,354,031 |   |

|                                                                                                                                              |   |   | For the six months ended June,      2008   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------|--------|
|                                                                                                                                              |   |   | Access      Pharmaceuticals                     |   |   |   | MacroChem      Corporation  |   |   |   | Combined  |   |
| Total      revenues                                                                                                                               |   | $      | 170,000                                              |   |   | $ | - |   |   | $ | 170,000 |   |
|                                                                                                                                              |   |   |                                                 |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                          |   |   |                                                 |   |   |   |   |   |   |   |   |   |
| Research      and development                                                                                                                     |   |   | 10,824,000                                           |   |   |   | 10,188,000 |   |   |   | 21,012,000 |   |
| General      and administrative                                                                                                                   |   |   | 1,933,000                                            |   |   |   | 2,185,000 |   |   |   | 4,118,000 |   |
| Depreciation      and   amortization                                                                                               |   |   | 131,000                                              |   |   |   | 35,000 |   |   |   | 166,000 |   |
|       Total      expenses                                                                                           |   |   | 12,888,000                                           |   |   |   | 12,408,000 |   |   |   | 25,296,000 |   |
|                                                                                                                                              |   |   |                                                 |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                                                                         |   |   | (12,718,000                                          | )      |   |   | (12,408,000 | ) |   |   | (25,126,000 | ) |
|                                                                                                                                              |   |   |                                                 |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous   income                                                                                           |   |   | 105,000                                              |   |   |   | 7,000 |   |   |   | 112,000 |   |
| Interest      and other expense                                                                                                                   |   |   | (225,000                                             | )      |   |   | (75,000 | ) |   |   | (300,000 | ) |
|                                                                                                                                              |   |   | (120,000                                             | )      |   |   | (68,000 | ) |   |   | (188,000 | ) |
| Loss      from operations                                                                                                                         |   |   | (12,838,000                                          | )      |   |   | (12,476,000 | ) |   |   | (25,314,000 | ) |
| Less      preferred stock   dividends                                                                                              |   |   | (2,350,000                                           | )      |   |   | - |   |   |   | (2,350,000 | ) |
| Net      loss allocable to   common      stockholders                                                                              |   | $      | (15,188,000                                          | )      |   | $ | (12,476,000 | ) |   | $ | (27,664,000 | ) |
|                                                                                                                                              |   |   |                                                 |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per   common      share                                                                                |   |   |                                                 |   |   |   |   |   |   |   |   |   |
|    Net      loss allocable to     common      stockholders                                                |   |   | -                                                    |   |   |   | - |   |   | $ | (3.45 | ) |
|   Weighted      average basic     and      diluted common     shares      outstanding |   |   | -                                                    |   |   |   | - |   |   |   | 8,008,064 |   |

|                               For the three months ended June,      2008   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                       |   |   | Access      Pharmaceuticals  |   |   |   | MacroChem      Corporation  |   |   |   | Combined  |   |
| Total      revenues                                                                                                                                                                                                                        |   | $ | 132,000 |   |   | $ | - |   |   | $ | 132,000 |   |
|                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Research      and development                                                                                                                                                                                                              |   |   | 1,179,000 |   |   |   | 9,676,000 |   |   |   | 10,855,000 |   |
| General      and administrative                                                                                                                                                                                                            |   |   | 1,044,000 |   |   |   | 1,234,000 |   |   |   | 2,279,000 |   |
| Depreciation      and   amortization                                                                                                                                                                                        |   |   | 64,000 |   |   |   | 14,000 |   |   |   | 78,000 |   |
|       Total      expenses                                                                                                                                                                                    |   |   | 2,287,000 |   |   |   | 10,925,000 |   |   |   | 13,212,000 |   |
|                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                                                                                                                                                                  |   |   | (2,155,000 | ) |   |   | (10,925,000 | ) |   |   | (13,080,000 | ) |
|                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous   income                                                                                                                                                                                    |   |   | 29,000 |   |   |   | 11,000 |   |   |   | 40,000 |   |
| Interest      and other expense                                                                                                                                                                                                            |   |   | (117,000 | ) |   |   | (104,000 | ) |   |   | (221,000 | ) |
|                                                                                                                                                                                                                                       |   |   | (88,000 | ) |   |   | (93,000 | ) |   |   | (181,000 | ) |
| Loss      from operations                                                                                                                                                                                                                  |   |   | (2,243,000 | ) |   |   | (11,018,000 | ) |   |   | (13,261,000 | ) |
| Less      preferred stock   dividends                                                                                                                                                                                       |   |   | (517,000 | ) |   |   | - |   |   |   | (517,000 | ) |
| Net      loss allocable to   common      stockholders                                                                                                                                                                       |   | $ | (2,760,000 | ) |   | $ | (11,018,000 | ) |   | $ | (13,778,000 | ) |
|                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per   common      share                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net      loss allocable to     common      stockholders                                                                                                                                         |   |   | - |   |   |   | - |   |   | $ | (1.69 | ) |
|   Weighted      average basic     and      diluted common     shares      outstanding                                                                                          |   |   | - |   |   |   | - |   |   |   | 8,135,869 |   |

----

|                                                                                      |   | Three      months endedJune 30, |    |   | Six      months endedJune 30, |   |
|-------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|-------------------------------|--------|
|                                                                                      |   | 2009                            |    |   | 2008                          |   |   | 2009 |   |   | 2008 |   |
| Research      and development                                                             |   | $                               | 99,000  |   |                          | $      | 26,000 |   |   | $ | 135,000 |   |   | $ | 39,000 |   |
| General      and administrative                                                           |   |                            | 153,000 |   |                          |   | 477,000 |   |   |   | 173,000 |   |   |   | 634,000 |   |
| Stock-based      compensation expense   included      in operating expense |   | $                          | 252,000 |   |                          | $      | 503,000 |   |   | $  | 308,000 |   |   | $  | 673,000 |   |

----

|                         |                     |   |             |
|------------------------------|--------------------------|--------|------------------|
|                         | 6/30/09                  |   | 6/30/08     |
| Expected      life           |   5.5      yrs |   | 6.2      yrs     |
| Risk      free interest rate |   2.4      %   |   | 3.0  %           |
| Expected      volatility(a)  |   114      %   |   | 133%             |
| Expected      dividend yield |   0.0      %   |   |  0.0      % |
|                         |                     |   |             |

| (a) | Reflects      movements in our stock price over the most recent historical period      equivalent to the expected life. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

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