|   |   |                                                                                                    |
|--------|--------|---------------------------------------------------------------------------------------------------------|
| 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            |                                                       |  (I.R.S. Employer      I.D. No.) |
|  of (I.R.S. Employer      I.D. No.) |                                                       |                                       |
|                                               |                                                       |                                       |
|                                               |  2600 Stemmons Frwy, Suite 176,      Dallas, TX 75207 |                                       |
|                                               |  (Address of      principal executive offices)        |                                       |

|   |                                                                        |   (214)      905-5100 |   |   |
|--------|-----------------------------------------------------------------------------|---------------------------------|--------|--------|
|   |   (Registrant’s      telephone number, including area code) |                            |
|   |                                                                        |                            |   |   |

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

----

| INDEX                                |
|--------------------------------------|
|                                 |
|                                 |   |   |   |   |   |   |   | Page      No. |
|                                 |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |
| PART      I - FINANCIAL INFORMATION  |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |
|        |   |   |   |   |   |   |   |
|                                 |  Item      1. | Financial      Statements: |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |
|                                 |   | Condensed      Consolidated Balance Sheets at September 30, 2009 |   |
|                                 |   | (unaudited)      and December 31, 2008 |   |   | 15 |
|                                 |   | Condensed      Consolidated Statements of Operations (unaudited) for the |   |
|                                 |   | three      and nine months ended September 30, 2009 and September 30,      2008 | 16 |
|                                 |   | Condensed      Consolidated Statement of Stockholders’ Deficit(unaudited) |   |
|                                 |   | for      the nine months ended September 30, 2009 |   | 17 |
|                                 |   |   |   |   |   |   |   |   |
|                                 |   | Condensed      Consolidated Statements of Cash Flows (unaudited) for  the |
|                                 |   | nine      months ended September 30, 2009 and September 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 |   |   |   |   | 10 |
|                                 | Item      2. | Unregistered      Sales of Equity Securities and Use of Proceeds |   | 10 |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Item      3. | Defaults      Under Senior Securities |   |   |   | 10 |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Item      4. | Submission      of Matters to a Vote of Security Holders |   | 11 |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Item      5. | Other      Information |   |   |   |   | 11 |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Item      6. | Exhibits |   |   |   |   |   | 11 |
|                                 |   |   |   |   |   |   |   |   |
| SIGNATURES                           |   |   |   |   |   |   | 14 |
|                                 |   |   |   |   |   |   |   |   |
| CERTIFICATIONS                       |   |   |   |   |   |   |   |

----

| ITEM 1. |  FINANCIAL      STATEMENTS |
|---------|---------------------------------|

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

----

| ·   | MuGard™      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 approval in the U.S. from the Food & Drug      Administration (“FDA”). MuGard has been launched in Germany, Italy, UK and      Greece  by our European commercial partner,      SpePharm. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      lead product candidate in development for the treatment of cancer is      ProLindac™, 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 generated      cumulative sales in excess of $2.0billion. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Cobalamin™      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. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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)                              |
|--------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------|--------|------------|--------|------------------------------------------------|
|                                                                           |   |                                  |   |               |   |       |   |                                           |
| MuGard™                                                                  |   | 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                                   |
| 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 endedDecember 31,  2008. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|  | ·   | lower      costs for product manufacturing for a new ProLindac clinical trial in 2009      as some manufacturing is complete and a clinical trial has started      ($444,000); |
|--|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | research      and development expenses incurred by MacroChem in the third quarter of      2008, which are no longer ongoing($386,000); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      scientific consulting expenses($149,000); |
|--------------------|------------------------------------------------------|

| ·  | lower      salary and related expenses($129,000); |
|--------------|---------------------------------------------------|

| ·   | other      net decreases in research spending ($92,000);  and |
|--------------------|---------------------------------------------------------------|

| ·   | offset      by higher expenses due to the cost of option grants    ($91,000). |
|--------------------|-------------------------------------------------------------------------------|

| ·   | higher      shareholder consultant expenses ($2,012,000) to inform investors about      Access and to expand our shareholderbase; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | higher      business professional expenses($371,000); |
|--------------------|-------------------------------------------------------|

| ·   | higher      expenses due to the cost of option grants  ($89,000); |
|--------------------|-------------------------------------------------------------------|

| ·   | offset      by general and administrative expenses incurred by MacroChem in the third      quarter of 2008 that are no longer ongoing  ($732,000); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      accrual of potential liquidated damages under an investor rights agreement      with certain investors ($205,000); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      director and officer insurance and lower director fees ($111,000) due to      lower insurance costs and directors taking options instead of fees in      2009; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      salary and related expenses ($83,000);and |
|--------------------|------------------------------------------------------|

| ·   | other      net decreases in general and administrative expenses      ($50,000). |
|--------------------|---------------------------------------------------------------------------------|

----

| · | 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); |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 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); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | research      and development expenses incurred by MacroChem in the first nine months of      2008, which are no longer ongoing($851,000); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

| · | lower      costs for product manufacturing due to the start of a new ProLindac      clinical trial($1,038,000); |
|--------|-----------------------------------------------------------------------------------------------------------------|

| · | lower      salary and related expenses($189,000); |
|--------|---------------------------------------------------|

| · | lower      scientific consulting expenses($210,000); |
|--------|------------------------------------------------------|

| · | lower      travel expenses($84,000); |
|--------|--------------------------------------|

| · | other      net decreases in research spending ($130,000);  and |
|--------|----------------------------------------------------------------|

| · | offset      by higher expenses due to option grants  ($186,000). |
|--------|------------------------------------------------------------------|

----

| · | general      and administrative expenses incurred by MacroChem in the first nine months      of 2008 that are no longer ongoing($2,728,000); |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

| · | lower      director and officer insurance and lower director fees ($137,000) due to      lower insurance costs and directors taking options instead of fees in      2009; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | lower      salary and related expenses($121,000); |
|--------|---------------------------------------------------|

| · | lower      legal and accounting expenses($93,000); |
|--------|----------------------------------------------------|

| · | other      net decreases in general and administrative expenses      ($58,000); |
|--------|---------------------------------------------------------------------------------|

| · | offset      by higher shareholder consultant expenses ($2,165,000) to inform investors      about Access and to expand our shareholderbase; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

| · | higher      business professional expenses ($737,000);and |
|--------|-----------------------------------------------------------|

| · | higher      expenses due to the cost of option grants  ($162,000). |
|--------|--------------------------------------------------------------------|

----

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

----

| ITEM 1. |  LEGAL    PROCEEDINGS |
|---------|----------------------------|

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

| ITEM 3. |  DEFAULTS UPON SENIOR      SECURITIES |
|---------|--------------------------------------------|

----

| ITEM 4. |  SUBMISSION OF MATTERS TO A VOTE      OF SECURITY HOLDERS |
|---------|----------------------------------------------------------------|

| 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:  | November 16, 2009 | By:                                              | /s/ Jeffrey B. Davis    |
|--------|-------------------|--------------------------------------------------|-------------------------|
|   |              | Jeffrey      B. Davis                            |
|   |              | Chief      Executive Officer                     |
|   |              | (Principal      Executive Officer)               |
|   |              |                                             |
| Date:  | November 16, 2009 | By:                                              | /s/ Stephen B. Thompson |
|   |              | Stephen      B. Thompson                         |
|   |              | Vice      President and Chief Financial Officer  |
|   |              | (Principal      Financial and Accounting Officer |
|   |              |                                             |

----

|                       ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  September 30, 2009                                                                                      |   |  December 31, 2008                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  (unaudited)                                                                                             |   |  (unaudited)  (See      Note 4)                                                                                                         |
|  Current      assetsCash and cash      equivalents   ReceivablesPrepaid expenses and other      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  $        1,672,00023,00045,000                             |   |  $        2,677,000147,000           175,000  |
|  Total      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  1,740,000                                                                                               |   |  2,999,000                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                          |   |                                                                                                                                                   |
|  Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  59,000                                                                                             |   |  95,000                                                                                                                                      |
|  Patents,      net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  840,000                                                                                            |   |  999,000                                                                                                                                     |
|  Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  66,000                                                                                             |   |  78,000                                                                                                                                      |
|              Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  $        2,705,000                                         |   |  $        4,171,000                                                                                  |
|          LIABILITIES      AND STOCKHOLDERS' DEFICIT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                          |   |                                                                                                                                                   |
|  Current      liabilities  Accounts      payable  Accrued      expenses  Dividends      payable  Accrued      interest payable  Notes      payable  Current      portion of deferred revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   $        3,692,0001,208,0002,294,000446,000-352,000  |   |   $        3,287,0001,295,0001,896,000145,000825,000164,000                                     |
|   Total      current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  7,992,000                                                                                               |   |  7,612,000                                                                                                                                        |
| Long-term      deferred revenueLong-term      debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 4,812,0005,500,000                                                                                            |   | 2,245,0005,500,000                                                                                                                                     |
|   Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  18,304,000                                                                                              |   |  15,357,000                                                                                                                                       |
|  Commitments      and contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                          |   |                                                                                                                                                   |
|  Stockholders'      deficit  Convertible      Series A preferred stock - $.01 par value; authorized      2,000,000      shares; 2,992.3617 issued and outstanding atSeptember 30, 2009      and  3,242.8617 at December 31, 2008  Common      stock - $.01 par value; authorized 100,000,000 shares;     issued,      13,111,545 at September 30, 2009 and 9,467,474 at     December      31, 2008  Additional      paid-in capital  Notes      receivable from stockholders  Treasury      stock, at cost – 163 shares  Accumulated      deficit  |     -  131,000231,106,000(1,045,000)(4,000)(245,787,000)                   |   |     -  95,000225,753,000(1,045,000)(4,000)(235,985,000)                                                             |
|      Total      stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  (15,599,000)                                                                                            |   |  (11,186,000)                                                                                                                                     |
|              Total      liabilities and stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  $        2,705,000                                         |   |  $        4,171,000                                                                                  |

----

|                                                                                                   |   | Three months endedSeptember 30, |       |   | Nine months endedSeptember 30, |   |
|--------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|--------------------------------|--------|
|                                                                                                   |   | 2009                       |       |   | 2008                      |   |   | 2009  |   |   | 2008  |   |
|                                                                                                   |   |                            |       |   | (See      Note 4)              |   |   | (See      Note 4) |   |   | (See      Note 4) |   |
| Revenues                                                                                               |   |                            |       |   |                           |   |   |   |   |   |   |   |
| Licenserevenues                                                                                        |   | $                               | 124,000    |   |                           | $      | 38,000 |   |   | $ | 228,000 |   |   | $ | 77,000 |   |
| Royalties                                                                                              |   |                            | 20,000     |   |                           |   | - |   |   |   | 20,000 |   |   |   | - |   |
| Sponsored research and      development                                                                |   |                            | -          |   |                           |   | 9,000 |   |   |   | - |   |   |   | 140,000 |   |
| Total revenues                                                                                         |   |                            | 144,000    |   |                           |   | 47,000 |   |   |   | 248,000 |   |   |   | 217,000 |   |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                               |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Research and      development                                                                          |   |                            | 561,000    |   |                           |   | 1,670,000 |   |   |   | 1,830,000 |   |   |   | 22,682,000 |   |
| General and      administrative                                                                        |   |                            | 3,458,000  |   |                           |   | 2,167,000 |   |   |   | 6,212,000 |   |   |   | 6,285,000 |   |
| Depreciation and      amortization                                                                     |   |                            | 65,000     |   |                           |   | 80,000 |   |   |   | 197,000 |   |   |   | 246,000 |   |
| Total expenses                                                                                         |   |                            | 4,084,000  |   |                           |   | 3,917,000 |   |   |   | 8,239,000 |   |   |   | 29,213,000 |   |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                              |   |                            | (3,940,000 | )      |                           |   | (3,870,000 | ) |   |   | (7,991,000 | ) |   |   | (28,996,000 | ) |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous income                                                                 |   |                            | 2,000      |   |                           |   | 32,000 |   |   |   | 18,000 |   |   |   | 173,000 |   |
| Interest      and other expense                                                                        |   |                            | (133,000   | )      |                           |   | (183,000 | ) |   |   | (395,000 | ) |   |   | (512,000 | ) |
|                                                                                                   |   |                            | (131,000   | )      |                           |   | (151,000 | ) |   |   | (377,000 | ) |   |   | (339,000 | ) |
| Net      loss                                                                                          |   |                            | (4,071,000 | )      |                           |   | (4,021,000 | ) |   |   | (8,368,000 | ) |   |   | (29,335,000 | ) |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Less      preferred stock dividends                                                                    |   |                            | 471,000    |   |                           |   | 523,000 |   |   |   | 1,434,000 |   |   |   | 2,873,000 |   |
| Net      loss allocable to common stockholders                                                         |   | $                               | (4,542,000 | )      |                           | $      | (4,544,000 | ) |   | $ | (9,802,000 | ) |   | $ | (32,208,000 | ) |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per common share  Net      loss allocable to common shareholders |   | $                               | (0.37      | )      |                           | $      | (0.55 | ) |   | $ | (0.86 | ) |   | $ | (3.97 | ) |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average basic and dilutedcommon shares      outstanding                                  |   |                            | 12,204,696 |   |                           |   | 8,303,457 |   |   |   | 11,375,793 |   |   |   | 8,107,247 |   |
|                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |

----

|   |   Common Stock | Preferred Stock |  Additionalpaid-incapital | Notes      receivable from stockholders |   Treasury      stock |   Accumulated      deficit |
|--------|--------------------------|-----------------|--------------------------------|-----------------------------------------|---------------------------------|--------------------------------------|
|   | Shares                   | Amount          | Shares                         | Amount                                  |

| Access-MacroChem,   as      if combined at  December      31, 2008   (See      Note 4) |   |   |        9,467,000      |   |   | $      | 95,000                   |   |   |   |        3,242.8617 |   |   | $      |  -            |   |   | $      | 225,753,000                |   |   | $      | (1,045,000         | )      |   | $      | (4,000             | )      |   | $      | (235,985,000       | )      |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------|--------|--------|--------|--------------------------|--------|--------|--------|------------------------|--------|--------|--------|--------------------|--------|--------|--------|----------------------------|--------|--------|--------|--------------------|--------|--------|--------|--------------------|--------|--------|--------|--------------------|--------|
| 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             | )      |   |   | (238,554,000       | )      |
|                                                                                                                           |   |   |                       |   |   |   |                     |   |   |   |                   |   |   |   |               |   |   |   |                       |   |   |   |               |   |   |   |               |   |   |   |               |   |
| 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             | )      |   |   | (241,245,000       | )      |
|                                                                                                                           |   |   |                       |   |   |   |                     |   |   |   |                   |   |   |   |               |   |   |   |                       |   |   |   |               |   |   |   |               |   |   |   |               |   |
| Warrants      issued for  services                                                                                   |   |   | -                          |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | 503,000                    |   |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Stock      option  compensation      expense                                                                         |   |   | -                          |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | 285,000                    |   |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Preferred      stock converted  into      common stock                                                               |   |   | 719,000                    |   |   |   | 8,000                    |   |   |   | (215.5000              | )      |   |   | -                  |   |   |   | (8,000                     | )      |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Common      stock issued for  preferred      dividends                                                               |   |   | 21,000                     |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | 71,000                     |   |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Common      stock issued   for      cash exercise of  options                                         |   |   |      210,000          |   |   |   |  2,000              |   |   |   |   -               |   |   |   |   -           |   |   |   |      142,000          |   |   |   |   -           |   |   |   |   -           |   |   |   |   -           |   |
| Common      stock issued   for      warrant exercises                                                           |   |   | 33,000                     |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | -                          |   |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Restricted      common stock   issued      for services                                                         |   |   | 515,000                    |   |   |   | 5,000                    |   |   |   | -                      |   |   |   | -                  |   |   |   | 1,780,000                  |   |   |   | -                  |   |   |   | -                  |   |   |   | -                  |   |
| Preferred      dividends                                                                                                       |   |   | -                          |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | -                          |   |   |   | -                  |   |   |   | -                  |   |   |   | (471,000           | )      |
| Net      loss                                                                                                                  |   |   | -                          |   |   |   | -                        |   |   |   | -                      |   |   |   | -                  |   |   |   | -                          |   |   |   | -                  |   |   |   | -                  |   |   |   | (4,071,000         | )      |
| Balance at      September 30, 2009                                                                                             |   |   | 13,112,000                 |   |   | $      | 131,000                  |   |   |   | 2,992.3617             |   |   | $      | -                  |   |   | $      | 231,106,000                |   |   | $      | (1,045,000         | )      |   | $      | (4,000             | )      |   | $      | (245,787,000       | )      |
|                                                                                                                           |   |   |                       |   |   |   |                     |   |   |   |                   |   |   |   |               |   |   |   |                       |   |   |   |               |   |   |   |               |   |   |   |               |   |

----

|                                                                                                                                                                                                              |   | Nine      Months ended September 30, |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                                                                                                                                                              |   | 2009                                 |       |   | 2008 |   |
| Cash      flows from operating activities:                                                                                                                                                                        |   |                                 |       |   |   |   |
|      Net      loss                                                                                                                                                                       |   | $                                    | (8,368,000 | ) |   | $ | (29,335,000 | ) |
|   Adjustments to      reconcile net loss to net cash used              in      operating activities:                              |   |                                 |       |   |   |   |   |   |
| Depreciation and      amortization                                                                                                                                                                                |   |                                 | 197,000    |   |   |   | 245,000 |   |
| Stock option compensation      expense                                                                                                                                                                            |   |                                 | 593,000    |   |   |   | 899,000 |   |
| Stock and warrants issued for      services                                                                                                                                                                       |   |                                 | 2,852,000  |   |   |   | 427,000 |   |
| Acquired in-process research      and development                                                                                                                                                                 |   |                                 | -          |   |   |   | 18,536,000 |   |
| Change in operating assets and      liabilities:                                                                                                                                                                  |   |                                 |       |   |   |   |   |   |
|     Receivables                                                                                                                                                                               |   |                                 | 124,000    |   |   |   | (295,000 | ) |
|              Prepaid      expenses and other current assets                                                                                      |   |                                 | 130,000    |   |   |   | (121,000 | ) |
| Other assets                                                                                                                                                                                                      |   |                                 | 12,000     |   |   |   | - |   |
|     Accounts payable and accrued      expenses                                                                                                                                                |   |                                 | 318,000    |   |   |   | 317,000 |   |
| Dividends    payable                                                                                                                                                                                              |   |                                 | (109,000   | ) |   |   | (25,000 | ) |
| Accrued interest      payable                                                                                                                                                                                     |   |                                 | 334,000    |   |   |   | 315,000 |   |
| Deferredrevenue                                                                                                                                                                                                   |   |                                 | 2,755,000  |   |   |   | 1,475,000 |   |
| Net cash used in operating      activities                                                                                                                                                                        |   |                                 | (1,162,000 | ) |   |   | (7,562,000 | ) |
|                                                                                                                                                                                                              |   |                                 |       |   |   |   |   |   |
| 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                                                                                                          |   |                                 | -          |   |   |   | 3,104,000 |   |
|  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     | ) |   |   | 2,768,000 |   |
|                                                                                                                                                                                                              |   |                                 |       |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                        |   |                                 |       |   |   |   |   |   |
|  Proceeds from debt      issuance                                                                                                                                                                            |   |                                 | -          |   |   |   | 625,000 |   |
|     Payments      of notes payable                                                                                                                                                            |   |                                 | -          |   |   |   | (639,000 | ) |
|  Proceeds from exercise of      common stock options                                                                                                                                                         |   |                                 | 158,000    |   |   |   | 15,000 |   |
|     Proceeds      from preferred stock issuances, net of costs                                                                                                                                |   |                                 | -          |   |   |   | 2,444,000 |   |
| Net cash provided by financing      activities                                                                                                                                                                    |   |                                 | 158,000    |   |   |   | 2,445,000 |   |
|                                                                                                                                                                                                              |   |                                 |       |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                                                                                                                    |   |                                 | (1,005,000 | ) |   |   | (2,349,000 | ) |
| Cash      and cash equivalents at beginning of period                                                                                                                                                             |   |                                 | 2,677,000  |   |   |   | 2,582,000 |   |
| Cash      and cash equivalents at end of period                                                                                                                                                                   |   | $                                    | 1,672,000  |   |   | $ | 233,000 |   |
|                                                                                                                                                                                                              |   |                                 |       |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                          |   |                                 |       |   |   |   |   |   |
|    Cash      paid for interest                                                                                                                                                                     |   | $                                    | -          |   |   | $ | 9,000 |   |
|                                                                                                                                                                                                              |   |                                 |       |   |   |   |   |   |
| 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                                                                                                                                                               |   |                                 | 927,000    |   |   |   | - |   |
|         Preferred stock dividends in dividends payable                                                                                                                                                  |   |                                 | 1,434,000  |   |   |   | 2,873,000 |   |
|         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 |
|--|-----|-----------------------------------|

----

|                                            | September      30, 2009                                                  | December      31, 2008                                 |
|-------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------|
|                                            | Grosscarryingvalue                                                       |  Accumulatedamortization                          | Grosscarryingvalue |  AccumulatedAmortization |
| Amortizable      intangible assets Patents |   $         2,624 |   $      1,784 |   $     2,624 |   $1,625 |
|                                            |                                                                     |                                                   |   |   |

|  2009                                            |   |  $            53 |
|------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|
|  2010         |   |   212                                                                   |
|  2011                                  |   |  212                                                                         |
|  2012                                       |   |  82                                                                          |
|  2013                                            |   |  44                                                                          |
|  over 5      years                          |   |  237                                                                         |
|                                                       |   |                                                                              |
|  Total                                 |   |  $         840                  |

----

|                             |   |                        |       |
|----------------------------------|--------|-----------------------------|------------|
|                             |   | Access      Pharmaceuticals |       |   | MacroChem      Corporation |   |   | Combined |   |
| Current      assets              |   | $                           | 3,550,000  |   |   | $ | 84,000 |   |   | $ | 2,999,000 |   |
| Total      assets                |   |                        | 4,257,000  |   |   |   | 549,000 |   |   |   | 4,171,000 |   |
| Current      liabilities         |   |                        | 4,906,000  |   |   |   | 3,346,000 |   |   |   | 7,612,000 |   |
| Long-term      deferred revenue  |   |                        | 2,245,000  |   |   |   | 24,000 |   |   |   | 2,245,000 |   |
| Long-term      debt              |   |                        | 5,500,000  |   |   |   | - |   |   |   | 5,500,000 |   |
| Stockholders’      deficit |   |                        | (8,394,000 | ) |   |   | (2,925,000 | ) |   |   | (11,186,000 | ) |

----

|   | For the nine months ended September 30,      2009 | For the year ended December 31,      2008 |
|--------|---------------------------------------------------|-------------------------------------------|
|   | Access      Pharmaceuticals                       | MacroChem      Corporation                | Combined | Access      Pharmaceuticals | MacroChem      Corporation | Combined |

| Total      revenues                                                                                                                               |   | $      | 248,000    |   |   | $      | -        |   |   | $      | 248,000    |   |   | $      | 291,000     |   |   | $      | 4,000       |   |   | $      | 295,000     |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|----------|--------|--------|--------|------------|--------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|--------|-------------|--------|
|                                                                                                                                              |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
| Expenses                                                                                                                                          |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
| Research      and development                                                                                                                     |   |   | 1,830,000  |   |   |   | -        |   |   |   | 1,830,000  |   |   |   | 12,613,000  |   |   |   | 10,622,000  |   |   |   | 23,235,000  |   |
| General      and administrative                                                                                                                   |   |   | 6,020,000  |   |   |   | 192,000  |   |   |   | 6,212,000  |   |   |   | 4,340,000   |   |   |   | 3,123,000   |   |   |   | 7,463,000   |   |
| Depreciation      and   amortization                                                                                               |   |   | 156,000    |   |   |   | 41,000   |   |   |   | 197,000    |   |   |   | 253,000     |   |   |   | 71,000      |   |   |   | 324,000     |   |
|       Total      expenses                                                                                           |   |   | 8,006,000  |   |   |   | 233,000  |   |   |   | 8,239,000  |   |   |   | 17,206,000  |   |   |   | 13,816,000  |   |   |   | 31,022,000  |   |
|                                                                                                                                              |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
| Loss      from operations                                                                                                                         |   |   | (7,758,000 | )      |   |   | (233,000 | )      |   |   | (7,991,000 | )      |   |   | (16,915,000 | )      |   |   | (13,812,000 | )      |   |   | (30,727,000 | )      |
|                                                                                                                                              |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
| Interest      and miscellaneous   income                                                                                           |   |   | 18,000     |   |   |   | -        |   |   |   | 18,000     |   |   |   | 178,000     |   |   |   | 33,000      |   |   |   | 211,000     |   |
| Interest      and other expense                                                                                                                   |   |   | (369,000   | )      |   |   | (26,000  | )      |   |   | (395,000   | )      |   |   | (478,000    | )      |   |   | (433,000    | )      |   |   | (911,000    | )      |
| Gain      on change in value of   warrant      liability                                                                           |   |   | -          |   |   |   | -        |   |   |   | -          |   |   |   | -           |   |   |   | 3,972,000   |   |   |   | 3,972,000   |   |
|                                                                                                                                              |   |   | (351,000   | )      |   |   | (26,000  | )      |   |   | (377,000   | )      |   |   | (300,000    | )      |   |   | 3,572,000   |   |   |   | 3,272,000   |   |
| Loss      from operations                                                                                                                         |   |   | (8,109,000 | )      |   |   | (259,000 | )      |   |   | (8,368,000 | )      |   |   | (17,215,000 | )      |   |   | (10,240,000 | )      |   |   | (27,455,000 | )      |
| Less      preferred stock   dividends                                                                                              |   |   | (1,434,000 | )      |   |   | -        |   |   |   | (1,434,000 | )      |   |   | (3,358,000  | )      |   |   | -           |   |   |   | (3,358,000  | )      |
| Net      loss allocable to   common      stockholders                                                                              |   | $      | (9,543,000 | )      |   | $      | (259,000 | )      |   | $      | (9,802,000 | )      |   | $      | (20,573,000 | )      |   | $      | (10,240,000 | )      |   | $      | (30,813,000 | )      |
|                                                                                                                                              |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
| Basic      and diluted loss per   common      share                                                                                |   |   |       |   |   |   |     |   |   |   |       |   |   |   |        |   |   |   |        |   |   |   |        |   |
|    Net      loss allocable to     common      stockholders                                                |   |   | -          |   |   |   | -        |   |   | $      | (0.86      | )      |   |   | -           |   |   |   | -           |   |   | $      | (3.69       | )      |
|   Weighted      average basic     and      diluted common     shares      outstanding |   |   | -          |   |   |   | -        |   |   |   | 11,375,793 |   |   |   | -           |   |   |   | -           |   |   |   | 8,354,031   |   |

|   | For the nine months ended September 30,      2008 | For the three months ended September 30,      2008 |
|--------|---------------------------------------------------|----------------------------------------------------|
|   | Access      Pharmaceuticals                       | MacroChem      Corporation                         | Combined | Access      Pharmaceuticals | MacroChem      Corporation | Combined |

| Total      revenues                                                                                                                               |   | $      | 217,000     |   |   | $      | 3,000       |   |   | $      | 220,000          |   |   | $      | 47,000     |   |   | $      | 1,000      |   |   | $      | 48,000     |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|--------|------------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|                                                                                                                                              |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
| Expenses                                                                                                                                          |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
| Research      and development                                                                                                                     |   |   | 12,108,000  |   |   |   | 10,574,000  |   |   |   | 22,682,000       |   |   |   | 1,284,000  |   |   |   | 386,000    |   |   |   | 1,670,000  |   |
| General      and administrative                                                                                                                   |   |   | 3,372,000   |   |   |   | 2,913,000   |   |   |   | 6,285,000        |   |   |   | 1,439,000  |   |   |   | 728,000    |   |   |   | 2,167,000  |   |
| Depreciation      and   amortization                                                                                               |   |   | 197,000     |   |   |   | 49,000      |   |   |   | 246,000          |   |   |   | 66,000     |   |   |   | 14,000     |   |   |   | 80,000     |   |
|       Total      expenses                                                                                           |   |   | 15,677,000  |   |   |   | 13,536,000  |   |   |   | 29,213,000       |   |   |   | 2,789,000  |   |   |   | 1,128,000  |   |   |   | 3,917,000  |   |
|                                                                                                                                              |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
| Loss      from operations                                                                                                                         |   |   | (15,460,000 | )      |   |   | (13,533,000 | )      |   |   | (28,993,000      | )      |   |   | (2,742,000 | )      |   |   | (1,127,000 | )      |   |   | (3,869,000 | )      |
|                                                                                                                                              |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
| Interest      and miscellaneous   income                                                                                           |   |   | 167,000     |   |   |   | 6,000       |   |   |   | 173,000          |   |   |   | 62,000     |   |   |   | -          |   |   |   | 62,000     |   |
| Interest      and other expense                                                                                                                   |   |   | (351,000    | )      |   |   | (161,000    | )      |   |   | (512,000         | )      |   |   | (126,000   | )      |   |   | (86,000    | )      |   |   | (212,000   | )      |
| Gain      (loss) on change in  warrant      value                                                                                       |   |   | -           |   |   |   | 3,886,000   |   |   |   | 3,886,000        |   |   |   | -          |   |   |   | 419,000    |   |   |   | 419,000    |   |
|                                                                                                                                              |   |   | (184,000    | )      |   |   | 3,731,000   |   |   |   | 3,547,000        |   |   |   | (64,000    | )      |   |   | 333,000    |   |   |   | 269,000    |   |
| Loss      from operations                                                                                                                         |   |   | (15,644,000 | )      |   |   | (9,802,000  | )      |   |   | (25,446,000      | )      |   |   | (2,806,000 | )      |   |   | (794,000   | )      |   |   | (3,600,000 | )      |
| Less      preferred stock   dividends                                                                                              |   |   | (2,873,000  | )      |   |   | -           |   |   |   | (2,873,000       | )      |   |   | (523,000   | )      |   |   | -          |   |   |   | (523,000   | )      |
| Net      loss allocable to   common      stockholders                                                                              |   | $      | (18,517,000 | )      |   | $      | (9,802,000  | )      |   | $      | (28,319,000      | )      |   | $      | (3,329,000 | )      |   | $      | (794,000   | )      |   | $      | (4,123,000 | )      |
|                                                                                                                                              |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
| Basic      and diluted loss per   common      share                                                                                |   |   |        |   |   |   |        |   |   |   |             |   |   |   |       |   |   |   |       |   |   |   |       |   |
|    Net      loss allocable to     common      stockholders                                                |   |   | -           |   |   |   | -           |   |   | $      | (3.49            | )      |   |   | -          |   |   |   | -          |   |   | $      | (0.50      | )      |
|   Weighted      average basic     and      diluted common     shares      outstanding |   |   |   -    |   |   |   |   -    |   |   |   |   8,107,242 |   |   |   | -          |   |   |   | -          |   |   |   | 8,303,457  |   |

----

|                                                                                      |   | Three monthsendedSeptember 30, |    |   | Nine months endedSeptember 30, |   |
|-------------------------------------------------------------------------------------------|--------|--------------------------------|---------|--------|--------------------------------|--------|
|                                                                                      |   | 2009                           |    |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Research      and development                                                             |   | $                              | 130,000 |   |                           | $      | 39,000 |   |   | $ | 250,000 |   |   | $ | 78,000 |   |
| General      and administrative                                                           |   |                           | 155,000 |   |                           |   | 187,000 |   |   |   | 343,000 |   |   |   | 821,000 |   |
| Stock-based      compensation expense   included      in operating expense |   | $                              | 285,000 |   |                           | $      | 226,000 |   |   | $ | 593,000 |   |   | $ | 899,000 |   |

|                         |                     |    |                     |   |
|------------------------------|--------------------------|---------|--------------------------|--------|
|                         | 9/30/09                  |    | 9/30/08                  |   |
| 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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