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

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

| Delaware                                   |   | 83-0221517                                       |
|--------------------------------------------|--------|--------------------------------------------------|
|  (State or      other jurisdiction of |   |   (I.R.S. Employer      I.D. No.) |
|  incorporation      or organization)  |   |                                             |

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

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|                                |               |   |                                                                            |   |   |   |   |   |   | Page No. |
|-------------------------------------|--------------------|--------|---------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|
| PART      I - FINANCIAL INFORMATION |               |   |                                                                            |   |   |   |   |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      1.       |   | Financial      Statements:                                                      |   |   |   |   |   |   |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                |               |   | Condensed      Consolidated Balance Sheets at March 31, 2009                    |   |   |
|                                |               |   | (unaudited)      and December 31, 2008 (unaudited)                              |   |   | 12     |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                |               |   | Condensed      Consolidated Statements of Operations (unaudited) for the        |   |
|                                |               |   | three      months ended March 31, 2009 and March 31, 2008                       |   | 13     |
|                                |               |   |                                                                            |   |   |
|                                |               |   | Condensed      Consolidated Statement of Stockholders’ Deficit(unaudited) |   |   |
|                                |               |   | for      the three months ended March 31, 2009                                  |   |   |   | 14     |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                |               |   | Condensed      Consolidated Statements of Cash Flows (unaudited) for the        |   |
|                                |               |   | three      months ended March 31, 2009 and March 31, 2008                       |   | 15     |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                |               |   | Notes      to Unaudited Condensed Consolidated Financial Statements             |   | 16     |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      2.       |   | Management's      Discussion and Analysis of Financial Condition and            |   |
|                                |               |   | Results      of Operations                                                      |   |   |   |   |   | 2      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      3.       |   | Quantitative      and Qualitative Disclosures About Market Risk                 |   | 7      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      4T.      |   | Controls      and Procedures                                                    |   |   |   |   | 7      |
|                                |          |   |                                                                            |   |   |   |   |   |   |     |
| PART      II - OTHER INFORMATION    |               |   |                                                                            |   |   |   |   |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      1        |   | Legal      Proceedings                                                          |   |   |   |   |   | 8      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      2        |   | Unregistered      Sales of Equity Securities and Use of Proceeds                |   |   | 8      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      3        |   | Defaults      Under Senior Securities                                           |   |   |   |   | 8      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      4        |   | Submission      of Matters to a Vote of Security Holders                        |   |   | 9      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      5        |   | Other      Information                                                          |   |   |   |   |   | 9      |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | Item      6.       |   | Exhibits                                                                        |   |   |   |   |   |   | 9        |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | SIGNATURES         |   |                                                                            |   |   |   |   |   | 11     |
|                                |               |   |                                                                            |   |   |   |   |   |   |     |
|                                | CERTIFICATIONS     |   |                                                                            |   |   |   |   |   |   |

----

| 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 allowance in the U.S. from the Food & Drug      Administration (“FDA”). On April 22, 2009, we announced that MuGard has      been launched in Germany, Italy, UK, Greece and the Nordic countries by      our European commercial partner,SpePharm. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      lead development candidate for the treatment of cancer is 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 sales in excess of $2.0      billion. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | Pexiganan      is a novel topical broad-spectrum antibiotic being developed for the      treatment of mild-to-moderate diabetic foot ulcer infections. Pexiganan      has been through two Phase 3 clinical trials, and data from these trials      were presented last December 15, 2008 in the journal Clinical Infectious      Diseases. We are actively seeking co-development partners for      Pexiganan. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | EcoNail      is a proprietary lacquer formulation of the anti-fungal econazole and our      Soft Enhancement of Percutaneous Absorption (SEPA) technology for the      treatment of onychomycosis. A Phase 2 clinical trial on EcoNail was      recently completed and we are currently evaluating its development and      partnering strategy. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Phenylbutyrate      (PB), an HDAC inhibitor and a differentiating agent, has been investigated      in multiple Phase 1/2 NIH and clinician-sponsored trials, and is currently      approved by the FDA for the treatment of hyperuremia, a pediatric orphan      indication. For its use in cancer, phenylbutyrate is a Phase 2 clinical      candidate. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| ·   | Prodrax®      is our non-toxic prodrug which is activated in the hypoxic zones of solid      tumors to kill cancer cells. This product is in preclinical      development. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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) (2) |   |  Access      /Univ      ofLondon  |   | Syntheticpolymer            |   | Cancer                              |   | Phase      2                                  |
| Thiarabine      (4-thio Ara-C)                                         |   |  SouthernResearchInstitute        |   | Smallmolecule               |   | Cancer                              |   | Phase      1/2                                |
| Pexiganan                                                              |   |  GenaeraCorp.                     |   | Smallpeptide                |   | Diabetic      foot ulcer infections |   | Phase      3                                  |
|  EcoNail                                                     |   | Access                                      |   | SEPA                        |   | Onychomycosis                       |   | Phase      2                                  |
| Phenylbutyrate      (PB)                                          |   |  NationalInstituteof      Health  |   | Smallmolecule               |   | Cancer                              |   | Phase      2                                  |
|  Oral      Insulin                                           |   | Access                                      |   | Cobalamin                   |   | Diabetes                            |   | Pre-clinical                                  |
|  Oral      Delivery System                                   |   | Access                                      |   | Cobalamin                   |   | Various                             |   | Pre-clinical                                  |
| Angiolix®                                                         |   | Immunodex,Inc.                              |   | Humanizedmonoclonalantibody |   | Cancer                              |   | Pre-clinical                                  |
| Prodrax®                                                          |   |  Univ      ofLondon               |   | Smallmolecule               |   | Cancer                              |   | Pre-clinical                                  |
| Cobalamin-Targeted      Therapeutics                                   |   | Access                                      |   | Cobalamin                   |   | Anti-tumor                          |   | Pre-clinical                                  |

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

| (2)   | Licensed      from the School of Pharmacy, The University of London. Subject to a 1%      royalty and milestone payments onsales. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | the      Somanta acquisition on January 4, 2008, resulted in a first quarter 2008      one-time non cash in-process research and development expense of      ($8,879,000); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | research      and development expenses incurred by MacroChem in the first quarter of      2008 which are no longer ongoing($512,000); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ·   | costs      for product manufacturing for a new ProLindac clinical trial in 2008      ($135,000); and |
|--------------------|------------------------------------------------------------------------------------------------------|

| ·   | offset      by other net increases in research spending  ($56,000). |
|--------------------|---------------------------------------------------------------------|

| ·   | general      and administrative expenses incurred by MacroChem in the first quarter of      2008 that are no longer ongoing($819,000); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | lower      professional fees ($82,000); |
|--------------------|-----------------------------------------|

| ·   | lower      salary and other salary related expenses  ($45,000); |
|--------------------|-----------------------------------------------------------------|

| ·   | other      net decreases in general and administrative expenses      ($108,000); |
|--------------------|----------------------------------------------------------------------------------|

| ·   | offset      by expenses related to the termination of MacroChem employees      ($169,000); |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | accrual      of potential liquidated damages under an investor rights agreement with      certain investors ($158,000); and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | higher      patent expenses and license fees($135,000). |
|--------------------|---------------------------------------------------------|

----

----

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

----

| 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. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.0  | Articles      of incorporation and bylaws: |
|--|-----------|--------------------------------------------|

|  | 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) |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2  | Certificate      of Amendment of Certificate of Incorporation filed August 21,      1992 |
|--|-----------|------------------------------------------------------------------------------------------|

|  | 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:  | May 19, 2009 | By:                                              | /s/ Jeffrey B. Davis    |
|--------|--------------|--------------------------------------------------|-------------------------|
|   |         | Jeffrey      B. Davis                            |
|   |         | Chief      Executive Officer                     |
|   |         | (Principal      Executive Officer)               |
|   |         |                                             |
| Date:  | May 19, 2009 | By:                                              | /s/ Stephen B. Thompson |
|   |         | Stephen      B. Thompson                         |
|   |         | Vice      President and Chief Financial Officer  |
|   |         | (Principal      Financial and Accounting Officer |
|   |         |                                             |

----

|                            ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | March 31, 2009                                                                                    |   |  December 31, 2008                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  (unaudited)                                                                                      |   |  (unaudited)(See Note  4)                                                                                                                         |
|    Current      assetsCash and cash      equivalents   ReceivablesPrepaid expenses and other      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  $        2,206,000130,000124,000                              |   |  $        2,679,000147,000           173,000  |
|  Total      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  2,460,000                                                                                             |   |  2,999,000                                                                                                                                        |
|  Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   83,000                                                                                     |   |   95,000                                                                                                                                |
|  Patents,      net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   962,000                                                                                    |   |   1,015,000                                                                                                                             |
|  Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   119,000                                                                                    |   |   123,000                                                                                                                               |
|              Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   $        3,624,000                                 |   |   $        4,232,000                                                                            |
|          LIABILITIES      AND STOCKHOLDERS' DEFICIT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                        |   |                                                                                                                                                   |
|   Current      liabilities  Accounts      payable  Accrued      expenses  Dividends      payable  Accrued      interest payable  Notes      payable  Current      portion of deferred revenue                                                                                                                                                                                                                                                                                                                                                                                                                               |    $        3,698,000910,0001,371,000234,000-261,000 |   |    $        3,967,000798,0001,896,000136,000825,000169,000                                 |
|   Total      current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  6,474,000                                                                                             |   | 7,791,000                                                                                                                                              |
|  Long-term      deferred revenueLong-term      debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  3,620,0005,500,000                                                                                    |   |  2,270,0005,500,000                                                                                                                               |
|        Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  15,594,000                                                                                            |   |  15,561,000                                                                                                                                       |
|  Commitments      and contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                        |   |                                                                                                                                                   |
|   Stockholders'      deficit  Convertible      Series A preferred stock - $.01 par value; authorized      2,000,000  shares;      3,242.8617      issued at March 31, 2009 and at   December 31,      2008  Common      stock - $.01 par value; authorized 100,000,000 shares;     issued,      11,315,272 at March 31, 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     |    -  113,000227,585,000(1,045,000)(4,000)(238,619,000)                       |   |       -  95,000225,675,000(1,045,000)(4,000)(236,050,000)                                                 |
|  Total      stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  (11,970,000)                                                                                          |   |  (11,329,000)                                                                                                                                     |
|              Total      liabilities and stockholders' deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  $        3,624,000                                       |   |  $        4,232,000                                                                                  |

----

|                                                                                        |   | Three      Months ended March 31, |       |
|---------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|
|                                                                                        |   | 2009                              |       |   | 2008 |   |
|                                                                                        |   | (See      Note 4)                 |       |   | (See      Note 4) |   |
| Revenues                                                                                    |   |                              |       |   |   |   |
| License      revenues                                                                       |   | $                                 | 41,000     |   |   | $ | 17,000 |   |
| Sponsored      research and development                                                     |   |                              | -          |   |   |   | 21,000 |   |
| Total      revenues                                                                         |   |                              | 41,000     |   |   |   | 38,000 |   |
|                                                                                        |   |                              |       |   |   |   |   |   |
| Expenses                                                                                    |   |                              |       |   |   |   |   |   |
| Research      and development                                                               |   |                              | 687,000    |   |   |   | 10,157,000 |   |
| General      and administrative                                                             |   |                              | 1,247,000  |   |   |   | 1,839,000 |   |
| Depreciation      and amortization                                                          |   |                              | 66,000     |   |   |   | 88,000 |   |
|             Total      expenses |   |                              | 2,000,000  |   |   |   | 12,084,000 |   |
|                                                                                        |   |                              |       |   |   |   |   |   |
| Loss      from operations                                                                   |   |                              | (1,959,000 | ) |   |   | (12,046,000 | ) |
|                                                                                        |   |                              |       |   |   |   |   |   |
| Interest      and miscellaneous income                                                      |   |                              | 14,000     |   |   |   | 101,000 |   |
| Interest      and other expense                                                             |   |                              | (144,000   | ) |   |   | (108,000 | ) |
|                                                                                        |   |                              | (130,000   | ) |   |   | (7,000 | ) |
| Net      loss                                                                               |   |                              | (2,089,000 | ) |   |   | (12,053,000 | ) |
|  Less      preferred stock dividends                                                   |   |                              | 480,000    |   |   |   | 1,833,000 |   |
| Net      loss allocable to common stockholders                                              |   | $                                 | (2,569,000 | ) |   | $ | (13,886,000 | ) |
|                                                                                        |   |                              |       |   |   |   |   |   |
| Basic      and diluted loss per common shareNet      loss allocable to common stockholders  |   | $                                 | (0.24      | ) |   | $ | (1.76 | ) |
|                                                                                        |   |                              |       |   |   |   |   |   |
| Weighted      average basic and dilutedcommon      shares outstanding                       |   |                              | 10,497,219 |   |   |   | 7,880,259 |   |
|                                                                                        |   |                              |       |   |   |   |   |   |
|                                                                                        |   |                              |       |   |   |   |   |   |

----

|                                                                                                                                        |   |   | Common Stock     |   |   |   | Preferred Stock     |   |   |   |              |   |   |   | Notes   |   |   |   |                  |   |   |   |               |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------|---------------------|--------|--------|--------|-------------------|--------|--------|--------|-------------------|--------|--------|--------|-----------------------|--------|--------|--------|--------------------|--------|
|                                                                                                                                        |   |   |                  |   |   |   |                |   |   |   |              |   |   |   |              |   |   |   | Additional       |   |   |   | receivable    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |                  |   |   |   |                |   |   |   |              |   |   |   |              |   |   |   | paid-in          |   |   |   | from          |   |   |   | Treasury  |   |   |   | Accumulated   |   |
|                                                                                                                                        |   |   | Shares           |   |   |   | Amount         |   |   |   | Shares       |   |   |   | Amount       |   |   |   | capital          |   |   |   | stockholders  |   |   |   | stock  |   |   |   | deficit  |   |
|                                                                                                                                        |   |   |                  |   |   |   |                |   |   |   |              |   |   |   |              |   |   |   |                  |   |   |   |               |   |   |   |   |   |   |   |   |   |
| Access-MacroChem,   as      if combined at        December 31, 2008   (See Note 4)                       |   |   |   9,467,000      |   |   |   |   $95,000      |   |   |   |   3,242.8617 |   |   |   |   $-         |   |   |   |   $225,675,000   |   |   |   | $(1,045,000        | )      |   |   | $(4,000 | ) |   |   | $(236,050,000 | ) |
| 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        |   |   | $      | -                 |   |   | $      | 227,585,000           |   |   | $      | (1,045,000         | )      |   | $ | (4,000 | ) |   | $ | (238,619,000 | ) |

----

|                                                                                                                                                                                                            |   |        Three      Months ended March 31, |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                                                                                                                                                            |   | 2009                                          |       | 2008 |   |
| Cash      flows from operating activities:                                                                                                                                                                      |   |                                          |       |   |   |   |
|      Net      loss                                                                                                                                                                     |   | $                                             | (2,089,000 | ) |   | $ | (12,053,000 | ) |
|   Adjustments to      reconcile net loss to cash used              in      operating activities:                                |   |                                          |       |   |   |   |   |   |
| Depreciation and      amortization                                                                                                                                                                              |   |                                          | 66,000     |   |   |   | 88,000 |   |
| Stock option      expense                                                                                                                                                                                       |   |                                          | 56,000     |   |   |   | 170,000 |   |
| Stock and warrants issued for      services                                                                                                                                                                     |   |                                          | 157,000    |   |   |   | 20,000 |   |
| Acquired in-process research      and development                                                                                                                                                               |   |                                          | -          |   |   |   | 8,879,000 |   |
| Change in operating assets and      liabilities:                                                                                                                                                                |   |                                          |       |   |   |   |   |   |
|     Receivables                                                                                                                                                                             |   |                                          | 17,000     |   |   |   | 35,000 |   |
|            Prepaid expenses and other current assets                                                                                                                                   |   |                                          | 49,000     |   |   |   | (302,000 | ) |
| Other assets                                                                                                                                                                                                    |   |                                          | 4,000      |   |   |   | (35,000 | ) |
|     Accounts      payable and accrued expenses                                                                                                                                              |   |                                          | (157,000   | ) |   |   | (1,290,000 | ) |
| Dividends    payable                                                                                                                                                                                            |   |                                          | (149,000   | ) |   |   | - |   |
| Accrued interest      payable                                                                                                                                                                                   |   |                                          | 132,000    |   |   |   | 103,000 |   |
| Deferredrevenue                                                                                                                                                                                                 |   |                                          | 1,442,000  |   |   |   | (4,000 | ) |
| Net cash used in operating      activities                                                                                                                                                                      |   |                                          | (472,000   | ) |   |   | (4,389,000 | ) |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                      |   |                                          |       |   |   |   |   |   |
|     Capital      expenditures                                                                                                                                                               |   |                                          | (2,000     | ) |   |   | (22,000 | ) |
|  Proceeds from sale of      asset                                                                                                                                                                          |   |                                          | 1,000      |   |   |   | - |   |
|     Redemption      of short-term investments and certificate of deposits                                                                                                                   |   |                                          | -          |   |   |   | 599,000 |   |
|  Somanta acquisition, net      of cash acquired                                                                                                                                                            |   |                                          | -          |   |   |   | (65,000 | ) |
| Net cash provided by (used in)      investing activities                                                                                                                                                        |   |                                          | (1,000     | ) |   |   | 512,000 |   |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                      |   |                                          |       |   |   |   |   |   |
|     Payments      of notes payable                                                                                                                                                          |   |                                          | -          |   |   |   | (64,000 | ) |
|     Proceeds      from preferred stock issuances, net of costs                                                                                                                              |   |                                          | -          |   |   |   | 2,444,000 |   |
| Net cash provided by financing      activities                                                                                                                                                                  |   |                                          | -          |   |   |   | 2,380,000 |   |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                                                                                                                  |   |                                          | (473,000   | ) |   |   | (1,497,000 | ) |
| Cash      and cash equivalents at beginning of period                                                                                                                                                           |   |                                          | 2,679,000  |   |   |   | 2,583,000 |   |
| Cash      and cash equivalents at end of period                                                                                                                                                                 |   | $                                             | 2,206,000  |   |   | $ | 1,086,000 |   |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                        |   |                                          |       |   |   |   |   |   |
|    Cash      paid for interest                                                                                                                                                                   |   | $                                             | -          |   |   | $ | 5,000 |   |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |
| Supplemental      disclosure of noncash transactions:                                                                                                                                                           |   |                                          |       |   |   |   |   |   |
| Shares issued for payables,      notes payable and accrued interest                                                                                                                                             |   |                                          | 859,000    |   |   |   | 1,576,000 |   |
| Shares issued for dividends on      preferred stock                                                                                                                                                             |   |                                          | 856,000    |   |   |   | - |   |
|   Preferred      stock dividends in dividends payable                                                                                                                                            |   |                                          | 480,000    |   |   |   | 525,000 |   |
|   Beneficial      conversion feature –     February      2008 preferred stock dividends    November      2007 preferred stock dividends correction |   |                                          | --         |   |   |   | 857,000451,000 |   |
|   Preferred      stock issuance costs paid in cash                                                                                                                                                    |   |                                          | -          |   |   |   | 281,000 |   |
|                                                                                                                                                                                                            |   |                                          |       |   |   |   |   |   |

----

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

|                                            | March      31, 2009                                                      | December      31, 2008                                 |
|-------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------|
|                                            | Grosscarryingvalue                                                       |  Accumulatedamortization                          | Grosscarryingvalue |  AccumulatedAmortization |
| Amortizable      intangible assets Patents |   $         2,624 |   $      1,662 |   $     2,624 |   $          1,609 |
|                                            |                                                                     |                                                   |   |   |

----

|  2009                                |   $      159                   |
|-------------------------------------------|------------------------------------------------------------------------|
|  2010                 |  212                                                              |
|  2011                 |  212                                                              |
|  2012                 |  82                                                               |
|  2013                 |  44                                                               |
|  over 5      years              | 253                                                                    |
|                                      |                                                                   |
|  Total      |   $         962 |

----

|                             | December 31, 2008                                          |
|----------------------------------|------------------------------------------------------------|
|                             | Access      Pharmaceuticals                                | MacroChem      Corporation | Combined |
| Current      assets              |         $3,550,000 |         $    84,000 |         $ 2,999,000 |
| Total      assets                |     4,257,000                          |     610,000 |                 4,232,000 |
| Current      liabilities         |     4,906,000                          |               2,060,000 |                 7,791,000 |
| Long-term      debt              |     5,500,000                          |                       - |                 5,500,000 |
| Stockholders’      deficit |           (8,394,000)                  |         (2,937,000) |        (11,329,000) |

|                                                                                                                                              |   | For the three months ended March 31,      2009 |       |   | For the year ended December 31,      2008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|-------------------------------------------|--------|
|                                                                                                                                              |   | Access      Pharmaceuticals                    |       |   | MacroChem      Corporation                |   |   | Combined |   |   | Access      Pharmaceuticals |   |   | MacroChem      Corporation |   |   | Combined |   |
| Total      revenues                                                                                                                               |   | $                                              | 40,000     |   |                                      | $      | 1,000 |   |   | $ | 41,000 |   |   | $ | 291,000 |   |   | $ | 4,000 |   |   | $ | 295,000 |   |
|                                                                                                                                              |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                          |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Research      and development                                                                                                                     |   |                                           | 687,000    |   |                                      |   | - |   |   |   | 687,000 |   |   |   | 12,613,000 |   |   |   | 10,618,000 |   |   |   | 23,231,000 |   |
| General      and administrative                                                                                                                   |   |                                           | 1,108,000  |   |                                      |   | 139,000 |   |   |   | 1,247,000 |   |   |   | 4,340,000 |   |   |   | 3,506,000 |   |   |   | 7,846,000 |   |
| Depreciation      and   amortization                                                                                               |   |                                           | 52,000     |   |                                      |   | 14,000 |   |   |   | 66,000 |   |   |   | 253,000 |   |   |   | 55,000 |   |   |   | 308,000 |   |
|       Total      expenses                                                                                           |   |                                           | 1,847,000  |   |                                      |   | 153,000 |   |   |   | 2,000,000 |   |   |   | 17,206,000 |   |   |   | 14,179,000 |   |   |   | 31,385,000 |   |
|                                                                                                                                              |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                                                                                         |   |                                           | (1,807,000 | )      |                                      |   | (152,000 | ) |   |   | (1,959,000 | ) |   |   | (16,915,000 | ) |   |   | (14,175,000 | ) |   |   | (31,090,000 | ) |
|                                                                                                                                              |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      and miscellaneous   income                                                                                           |   |                                           | 14,000     |   |                                      |   | - |   |   |   | 14,000 |   |   |   | 178,000 |   |   |   | 33,000 |   |   |   | 211,000 |   |
| Interest      and other expense                                                                                                                   |   |                                           | (118,000   | )      |                                      |   | (26,000 | ) |   |   | (144,000 | ) |   |   | (478,000 | ) |   |   | (237,000 | ) |   |   | (715,000 | ) |
| Gain      on change in value of   warrant      liability                                                                           |   |                                           | -          |   |                                      |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,074,000 |   |   |   | 4,074,000 |   |
|                                                                                                                                              |   |                                           | (104,000   | )      |                                      |   | (26,000 | ) |   |   | (130,000 | ) |   |   | (300,000 | ) |   |   | 3,870,000 |   |   |   | 3,570,000 |   |
| Loss      from operations                                                                                                                         |   |                                           | (1,911,000 | )      |                                      |   | (178,000 | ) |   |   | (2,089,000 | ) |   |   | (17,215,000 | ) |   |   | (10,305,000 | ) |   |   | (27,520,000 | ) |
| Less      preferred stock   dividends                                                                                              |   |                                           | (480,000   | )      |                                      |   | - |   |   |   | (480,000 | ) |   |   | (3,358,000 | ) |   |   | - |   |   |   | (3,358,000 | ) |
| Net      loss allocable to   common      stockholders                                                                              |   | $                                              | (2,391,000 | )      |                                      | $      | (178,000 | ) |   | $ | (2,569,000 | ) |   | $ | (20,573,000 | ) |   | $ | (10,305,000 | ) |   | $ | (30,878,000 | ) |
|                                                                                                                                              |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and diluted loss per   common      share                                                                                |   |                                           |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net      loss allocable to     common      stockholders                                                |   |                                           | -          |   |                                      |   | - |   |   | $ | (0.24 | ) |   |   | - |   |   |   | - |   |   | $ | (3.70 | ) |
|   Weighted      average basic     and      diluted common     shares      outstanding |   |                                           | -          |   |                                      |   | - |   |   |   | 10,497,219 |   |   |   | - |   |   |   | - |   |   |   | 8,354,031 |   |

|                                                                                                                                              | For the three months ended March 31,      2008                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
|                                                                                                                                              | Access      Pharmaceuticals                                                             | MacroChem      Corporation | Combined |
| Total      revenues                                                                                                                               |                $38,000                     |     $           - |         $38,000 |
|                                                                                                                                              |                                                                                    |   |   |
| Expenses                                                                                                                                          |                                                                                    |   |   |
| Research      and development                                                                                                                     |        9,645,000                                     |            512,000 |                10,157,000 |
| General      and administrative                                                                                                                   |           889,000                     |            950,000 |                  1,839,000 |
| Depreciation      and   amortization                                                                                               |                   67,000    |        21,000 |                 88,000 |
|       Total      expenses                                                                                           |       10,601,000                                          |           1,483,000 |                12,084,000 |
|                                                                                                                                              |                                                                                    |   |   |
| Loss      from operations                                                                                                                         |       (10,563,000)                                        |         (1,483,000) |         (12,046,000) |
|                                                                                                                                              |                                                                                    |   |   |
| Interest      and miscellaneous   income                                                                                           |                  76,000          |             25,000 |          101,000 |
| Interest      and other expense                                                                                                                   |                   (108,000) |                  - |                    (108,000) |
|                                                                                                                                              |               (32,000)                          |               25,000 |                 (7,000) |
| Loss      from operations                                                                                                                         |          (10,595,000)                                          |         (1,458,000) |               (12,053,000) |
| Less      preferred stock   dividends                                                                                              |        (1,833,000)                                   |                   - |                 (1,833,000) |
| Net      loss allocable to   common      stockholders                                                                              |        $(12,428,000)                                      |     $(1,458,000) |              $(13,886,000) |
|                                                                                                                                              |                                                                                    |   |   |
| Basic      and diluted loss per   common      share                                                                                |                                                                                    |   |   |
|    Net      loss allocable to     common      stockholders                                                |                    -   |                 - |               $        (1.76) |
|   Weighted      average basic     and      diluted common     shares      outstanding |                    -   |                      - |                  7,880,259 |

----

|                                                                                      |   | Three      months endedMarch 31, |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                                                      |   | 2009                             |   |   | 2008 |   |
| Research      and development (Access)                                                    |   | $                                | 36,000 |   |   | $ | 13,000 |   |
| Research      and development (MacroChem)                                                 |   |                             | -      |   |   |   | 113,000 |   |
| General      and administrative                                                           |   |                             | 20,000 |   |   |   | 44,000 |   |
| Stock-based      compensation expense   included      in operating expense |   | $                                | 56,000 |   |   | $ | 170,000 |   |

----