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    EXHIBIT
      10.33

    
      

      

    

    
 

    INVESTOR
      RIGHTS AGREEMENT

     

    This
      Investor Rights Agreement (this “Agreement”)
      is
      made and entered into as of December 6, 2006 among Access Pharmaceuticals,
      Inc.,
      a Delaware corporation (the “Company”),
      and
      each of the purchasers executing this Agreement and listed on Schedule
      1
      attached
      hereto (collectively, the “Purchasers”).
      

     

    This
      Agreement is being entered into pursuant to the Convertible Note and Warrant
      Purchase Agreement, dated as of the date hereof, by and among the Company and
      the Purchasers (the “Purchase
      Agreement”).

     

    The
      Company and the Purchasers hereby agree as follows: 

     

    1. Definitions.

     

    Capitalized
      terms used and not otherwise defined herein shall have the meanings given such
      terms in the Purchase Agreement. As used in this Agreement, the following terms
      shall have the following meanings: 

     

    “Advice”
shall
      have the meaning set forth in Section 3(m). 

     

    “Affiliate”
means,
      with respect to any Person, any other Person that directly or indirectly
      controls or is controlled by or under common control with such Person. For
      the
      purposes of this definition, “control,” when used with respect to any Person,
      means the possession, direct or indirect, of the power to direct or cause the
      direction of the management and policies of such Person, whether through the
      ownership of voting securities, by contract or otherwise; and the terms of
      “affiliated,” “controlling” and “controlled” have meanings correlative to the
      foregoing.

     

    “Blackout
      Period”
shall
      have the meaning set forth in Section 3(n).

     

    “Board”
shall
      have the meaning set forth in Section 3(n). 

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day which shall be a legal holiday
      or a
      day on which banking institutions in the State of Texas generally are authorized
      or required by law or other government actions to close.

     

    “Commission”
means
      the Securities and Exchange Commission. 

     

    “Common
      Stock”
means
      the Company’s Common Stock, par value $0.01 per share.

     

    “Conversion
      Shares”
means
      the shares of Common Stock issuable upon conversion of the Notes purchased
      by
      the Purchasers pursuant to the Purchase Agreement, including, without
      limitation, shares of Common Stock issued in payment of interest due on such
      Notes.

     

    “Effectiveness
      Period”
shall
      have the meaning set forth in Section 2.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    “Event”
shall
      have the meaning set forth in Section 7(e). 

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Filing
      Date”
means
      the earlier of (i) the date on which the registration statement in connection
      with a Qualified Financing is required to be filed pursuant to the transaction
      documents for such Qualified Financing, or (ii) April 30, 2007.

     

    “Holder”
or
      “Holders”
means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities, including without limitation the Purchasers and their assignees.
      

     

    “Indemnified
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5(c).

     

    “Losses”
shall
      have the meaning set forth in Section 5(a). 

     

    “Notes”
means
      the Secured Convertible Promissory Notes issued to the Purchasers pursuant
      to
      the Purchase Agreement.

     

    “Person”
means
      an individual or a corporation, partnership, trust, incorporated or
      unincorporated association, joint venture, limited liability company, joint
      stock company, government (or an agency or political subdivision thereof) or
      other entity of any kind.

     

    “Proceeding”
means
      an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened. 

     

    “Prospectus”
means
      the prospectus included in any Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by such Registration Statement,
      and all other amendments and supplements to the Prospectus, including
      post-effective amendments, and all material incorporated by reference in such
      Prospectus.

     

    “Qualified
      Financing”
means
      the next equity financing (including an offering of convertible debt securities)
      of the Company in connection with which SCO Securities LLC serves as placement
      agent.

     

    “Registrable
      Securities”
means
      (a) the Conversion Shares and the Warrant Shares (without regard to any
      limitations on beneficial ownership contained in the Note or the Warrants)
      or
      other securities issued or issuable to each Purchaser or its transferee or
      designee (i) upon conversion of the Notes and/or upon exercise of the Warrants,
      or (ii) upon any dividend or distribution with respect to, any exchange for
      or
      any replacement of such Notes, Conversion Shares, Warrants or Warrant Shares
      or
      (iii) upon any conversion, exercise or 

     

    
      
        
        

      

      
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    exchange
      of any securities issued in connection with any such distribution, exchange
      or
      replacement; (b) securities issued or issuable upon any stock split, stock
      dividend, recapitalization or similar event with respect to the foregoing;
      and
      (c) any other security issued as a dividend or other distribution with respect
      to, in exchange for, in replacement or redemption of, or in reduction of the
      liquidation value of, any of the securities referred to in the preceding
      clauses; provided, however, that such securities shall cease to be Registrable
      Securities when such securities have been sold to or through a broker or dealer
      or underwriter in a public distribution or a public securities transaction
      or
      when such securities may be sold without any restriction pursuant to Rule 144(k)
      as determined by the counsel to the Company pursuant to a written opinion
      letter, addressed to the Company’s transfer agent to such effect as described in
      Section 2 of this Agreement.

     

    “Registration
      Statement”
means
      the registration statements and any additional registration statements
      contemplated by Section 2, including (in each case) the Prospectus, amendments
      and supplements to such registration statement or Prospectus, including pre-
      and
      post-effective amendments, all exhibits thereto, and all material incorporated
      by reference in such registration statement.

     

    “Rule
      144”
means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      158”
means
      Rule 158 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      415”
means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended. 

     

    “Special
      Counsel”
means
      Wiggin and Dana LLP.

     

    “Warrants”
means
      the Common Stock purchase warrants issued pursuant to the Purchase Agreement,
      including, without limitation the Placement Agent Warrants.

     

    “Warrant
      Shares”
means
      the shares of Common Stock issuable upon the exercise of the Warrants
      (including, without limitation, the Placement Agent Warrants) issued or to
      be
      issued to the Purchasers or their assignees or designees in connection with
      the
      offering consummated under the Purchase Agreement. 

     

    2. Registration.
      As soon
      as possible following the Closing Date (but not later than the Filing Date),
      the
      Company shall prepare and file with the Commission a “shelf” Registration
      Statement covering all Registrable Securities for a secondary or resale offering
      

     

    
      
        
        

      

      
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    to
      be
      made on a continuous basis pursuant to Rule 415. The Registration Statement
      shall be on Form S-3 (or if such form is not available to the Company on another
      form appropriate for such registration in accordance herewith). The Company
      shall use its reasonable best efforts to cause the Registration Statement to
      be
      declared effective under the Securities Act not later than sixty (60) days
      after
      the Filing Date (including filing with the Commission a request for acceleration
      of effectiveness in accordance with Rule 461 promulgated under the Securities
      Act within five (5) Business Days of the date that the Company is notified
      (orally or in writing, whichever is earlier) by the Commission that a
      Registration Statement will not be “reviewed,” or not be subject to further
      review) and to keep such Registration Statement continuously effective under
      the
      Securities Act until such date as is the earlier of (x) the date when all
      Registrable Securities covered by such Registration Statement have been sold
      or
      (y) with respect to such Holder, such time as all Registrable Securities held
      by
      such Holder may be sold without any restriction pursuant to Rule 144(k) as
      determined by the counsel to the Company pursuant to a written opinion letter,
      addressed to the Company’s transfer agent to such effect (the “Effectiveness
      Period”).
      For
      purposes of the obligations of the Company under this Agreement, no Registration
      Statement shall be considered “effective” with respect to any Registrable
      Securities unless such Registration Statement lists the Holders of such
      Registrable Securities as “Selling Stockholders” and includes such other
      information as is required to be disclosed with respect to such Holders to
      permit them to sell their Registrable Securities pursuant to such Registration
      Statement, unless any such Holder is not included as a “Selling Stockholder”
pursuant to Section 3(m). Such Registration Statement also shall cover, to
      the
      extent allowable under the Securities Act and the Rules promulgated thereunder
      (including Securities Act Rule 416), such indeterminate number of additional
      shares of Common Stock resulting from stock splits, stock dividends or similar
      transactions with respect to the Registrable Securities.

     

    3. Registration
      Procedures.

     

    In
      connection with the Company’s registration obligations hereunder, the Company
      shall:

     

    (a)
      Prepare and file with the Commission on or prior to the Filing Date, a
      Registration Statement on Form S-3 (or if such form is not available to the
      Company on another form appropriate for such registration in accordance
      herewith) (which shall include a Plan of Distribution substantially in the
      form
      of Exhibit
      A
      attached
      hereto), and cause the Registration Statement to become effective and remain
      effective as provided herein; provided, however, that not less than three (3)
      Business Days prior to the filing of the Registration Statement or any related
      Prospectus or any amendment or supplement thereto, the Company shall (i) furnish
      to the Special Counsel, copies of all such documents proposed to be filed,
      which
      documents (other than those incorporated by reference) will be subject to the
      review of such Special Counsel, and (ii) at the request of any Holder cause
      its
      officers and directors, counsel and independent certified public accountants
      to
      respond to such inquiries as shall be necessary, in the reasonable opinion
      of
      counsel to such Holders, to conduct a reasonable investigation within the
      meaning of the Securities Act. The Company shall not file the Registration
      Statement or any such Prospectus or any amendments or supplements thereto to
      which the Holders of a majority of the Registrable Securities or the Special
      Counsel shall reasonably object within three (3) Business Days after their
      receipt 

     

    
      
        
        

      

      
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    thereof.
      In the event of any such objection, the Holders shall provide the Company with
      any requested revisions to such prospectus or supplement within two (2) Business
      Days after such objection.

     

    (b) (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to the Registration Statement as may be necessary to keep the
      Registration Statement continuously effective as to the applicable Registrable
      Securities for the Effectiveness Period and to the extent any Registrable
      Securities are not included in such Registration Statement for reasons other
      than the failure of the Holder to comply with Section 3(m) hereof, shall prepare
      and file with the Commission such amendments to the Registration Statement
      or
      such additional Registration Statements in order to register for resale under
      the Securities Act all Registrable Securities; (ii) cause the related Prospectus
      to be amended or supplemented by any required Prospectus supplement, and as
      so
      supplemented or amended to be filed pursuant to Rule 424 (or any similar
      provisions then in force) promulgated under the Securities Act; (iii) respond
      as
      promptly as reasonably practicable, and in no event later than ten (10) Business
      Days to any comments received from the Commission with respect to the
      Registration Statement or any amendment thereto and as promptly as reasonably
      practicable provide the Holders true and complete copies of all correspondence
      from and to the Commission relating to the Registration Statement, but not,
      without the prior written consent of the Holders, any comments that would result
      in the disclosure to the Holders of material and non-public information
      concerning the Company; and (iv) comply in all material respects with the
      provisions of the Securities Act and the Exchange Act with respect to the
      disposition of all Registrable Securities covered by the Registration Statement
      during the applicable period in accordance with the intended methods of
      disposition by the Holders thereof set forth in the Registration Statement
      as so
      amended or in such Prospectus as so supplemented.

     

    (c) Notify
      Holders of Registrable Securities to be sold and the Special Counsel as promptly
      as reasonably practicable (A) when a Prospectus or any Prospectus supplement
      or
      post-effective amendment to the Registration Statement is proposed to be filed
      (but in no event in the case of this subparagraph (A), less than three (3)
      Business Days prior to date of such filing); (B) when the Commission notifies
      the Company whether there will be a “review” of such Registration Statement and
      whenever the Commission comments in writing on such Registration Statement;
      and
      (C) with respect to the Registration Statement or any post-effective amendment,
      when the same has become effective, and after the effectiveness thereof: (i)
      of
      any request by the Commission or any other Federal or state governmental
      authority for amendments or supplements to the Registration Statement or
      Prospectus or for additional information; (ii) of the issuance by the Commission
      of any stop order suspending the effectiveness of the Registration Statement
      covering any or all of the Registrable Securities or the initiation of any
      Proceedings for that purpose; (iii) of the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; and (iv) if the financial statements included in the Registration
      Statement become ineligible for inclusion therein or of the occurrence of any
      event that makes any statement made in the Registration Statement or Prospectus
      or any document incorporated or deemed to be incorporated therein by reference
      untrue in any material respect or that requires any revisions to the
      Registration 

     

    
      
         

      

      
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    Statement,
      Prospectus or other documents so that, in the case of the Registration Statement
      or the Prospectus, as the case may be, it will not contain any untrue statement
      of a material fact or omit to state any material fact required to be stated
      therein or necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading. Without limitation
      to
      any remedies to which the Holders may be entitled under this Agreement, if
      any
      of the events described in Section 3(c)(C)(i), 3(c)(C)(ii), 3(c)(C)(iii) or
      3(c)(C)(iv) occur, the Company shall use its reasonable best efforts to respond
      to and correct the event.

     

    (d) Use
      its
      reasonable best efforts to avoid the issuance of, or, if issued, use reasonable
      best efforts to obtain the withdrawal of, (i) any order suspending the
      effectiveness of the Registration Statement or (ii) any suspension of the
      qualification (or exemption from qualification) of any of the Registrable
      Securities for sale in any jurisdiction, at the earliest practicable time.
      

     

    (e) If
      requested by any Holder of Registrable Securities, (i) promptly incorporate
      in a
      Prospectus supplement or post-effective amendment to the Registration Statement
      such information as the Company reasonably agrees should be included therein
      and
      (ii) make all required filings of such Prospectus supplement or such
      post-effective amendment as soon as reasonably practicable after the Company
      has
      received notification of the matters to be incorporated in such Prospectus
      supplement or post-effective amendment.

     

    (f) Furnish
      to each Holder and the Special Counsel, without charge, at least one conformed
      copy of each Registration Statement and each amendment thereto, including
      financial statements and schedules, and all exhibits to the extent requested
      by
      such Person (including those previously furnished or incorporated by reference)
      promptly after the filing of such documents with the Commission.

     

    (g) Promptly
      deliver to each Holder and the Special Counsel, without charge, as many copies
      of the Prospectus or Prospectuses (including each form of prospectus) and each
      amendment or supplement thereto as such Persons may reasonably request; and
      the
      Company hereby consents to the use of such Prospectus and each amendment or
      supplement thereto by each of the selling Holders in connection with the
      offering and sale of the Registrable Securities covered by such Prospectus
      and
      any amendment or supplement thereto. 

     

    (h) Prior
      to
      any public offering of Registrable Securities, use its reasonable best efforts
      to register or qualify or cooperate with the selling Holders and the Special
      Counsel in connection with the registration or qualification (or exemption
      from
      such registration or qualification) of such Registrable Securities for offer
      and
      sale under the securities or Blue Sky laws of such jurisdictions within the
      United States as any Holder requests in writing, to keep each such registration
      or qualification (or exemption therefrom) effective during the Effectiveness
      Period and to do any and all other acts or things necessary or advisable to
      enable the disposition in such jurisdictions of the Registrable Securities
      covered by a Registration Statement; provided, however, that the Company shall
      not be required to qualify generally to do business in any jurisdiction where
      it
      is 

     

    
      
        
        

      

      
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    not
      then
      so qualified or to take any action that would subject it to general service
      of
      process in any jurisdiction where it is not then so subject or subject the
      Company to any material tax in any such jurisdiction where it is not then so
      subject.

     

    (i) Cooperate
      with the Holders to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be sold pursuant to a
      Registration Statement, which certificates shall be free, to the extent
      permitted by applicable law and the Purchase Agreement, of all restrictive
      legends, and to enable such Registrable Securities to be in such denominations
      and registered in such names as any Holder may request at least two (2) Business
      Days prior to any sale of Registrable Securities. In connection therewith,
      the
      Company shall promptly after the effectiveness of the Registration Statement
      cause an opinion of counsel to be delivered to and maintained with its transfer
      agent, together with any other authorizations, certificates and directions
      required by the transfer agent, which authorize and direct the transfer agent
      to
      issue such Registrable Securities without legend upon sale by the Holder of
      such
      shares of Registrable Securities under the Registration Statement.

     

    (j) Following
      the occurrence of any event contemplated by Section 3(c)(C)(iv), as promptly
      as
      possible, prepare a supplement or amendment, including a post-effective
      amendment, to the Registration Statement or a supplement to the related
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference, and file any other required document so that, as thereafter
      delivered, neither the Registration Statement nor such Prospectus will contain
      an untrue statement of a material fact or omit to state a material fact required
      to be stated therein or necessary to make the statements therein, in the light
      of the circumstances under which they were made, not misleading. 

     

    (k) Cause
      all
      Registrable Securities relating to such Registration Statement to be listed
      on
      any United States securities exchange, quotation system, market or
      over-the-counter bulletin board on which similar securities issued by the
      Company are then listed. 

     

    (l) Comply
      in
      all material respects with all applicable rules and regulations of the
      Commission and make generally available to its security holders earnings
      statements satisfying the provisions of Section 11(a) of the Securities Act
      and
      Rule 158 not later than 45 days after the end of any 3-month period (or 90
      days
      after the end of any 12-month period if such period is a fiscal year) commencing
      on the first day of the first fiscal quarter of the Company after the effective
      date of the Registration Statement, which statement shall conform to the
      requirements of Rule 158.

     

    (m) Request
      each selling Holder to furnish to the Company information regarding such Holder
      and the distribution of such Registrable Securities as is required by law or
      the
      Commission to be disclosed in the Registration Statement, and the Company may
      exclude from such registration the Registrable Securities of any such Holder
      who
      fails to furnish such information within a reasonable time prior to the filing
      of each Registration Statement, supplemented Prospectus and/or amended
      Registration Statement.

     

    If
      the
      Registration Statement refers to any Holder by name or otherwise as the holder
      of any securities of the Company, then such Holder shall have the right to
      require (if such reference to such Holder by name or otherwise is not required
      by the Securities Act or any 

     

    
      
        
        

      

      
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    similar
      federal statute then in force) the deletion of the reference to such Holder
      in
      any amendment or supplement to the Registration Statement filed or prepared
      subsequent to the time that such reference ceases to be required.

     

    Each
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of any event of the
      kind
      described in Section 3(c)(C)(i), 3(c)(C)(ii), 3(c)(C)(iii), 3(c)(C)(iv), or
      3(n), such Holder will forthwith discontinue disposition of such Registrable
      Securities under the Registration Statement until such Holder’s receipt of the
      copies of the supplemented Prospectus and/or amended Registration Statement
      contemplated by Section 3(j), or until it is advised in writing (the
“Advice”)
      by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement.

     

    (n) If
      (i)
      there is material non-public information regarding the Company which the
      Company’s Board of Directors (the “Board”)
      reasonably determines not to be in the Company’s best interest to disclose and
      which the Company is not otherwise required to disclose, or (ii) there is a
      significant business opportunity (including, but not limited to, the acquisition
      or disposition of assets (other than in the ordinary course of business) or
      any
      merger, consolidation, tender offer or other similar transaction) available
      to
      the Company which the Board reasonably determines not to be in the Company’s
      best interest to disclose and which the Company would be required to disclose
      under the Registration Statement, then the Company may (i) postpone or suspend
      filing or effectiveness of a registration statement or (ii) notify the Holders
      that the Registration Statement may not be used in connection with any sales
      of
      the Company’s securities, in each case, for a period not to exceed 30
      consecutive days, provided that the Company may not postpone or suspend its
      obligation under this Section 3(n) for more than 60 days in the aggregate during
      any 12 month period (each, a “Blackout
      Period”).

     

    4. Registration
      Expenses.

     

    All
      fees
      and expenses incident to the performance of or compliance with this Agreement
      by
      the Company shall be borne by the Company whether or not the Registration
      Statement is filed or becomes effective and whether or not any Registrable
      Securities are sold pursuant to the Registration Statement. The fees and
      expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses (A) with respect to filings required to be made with each
      securities exchange, quotation system, market or over-the-counter bulletin
      board
      on which Registrable Securities are required hereunder to be listed, (B) with
      respect to filings required to be made with the Commission, and (C) in
      compliance with state securities or Blue Sky laws (including, without
      limitation, reasonable and documented fees and disbursements of Special Counsel
      in connection with Blue Sky qualifications of the Registrable Securities and
      determination of the eligibility of the Registrable Securities for investment
      under the laws of such jurisdictions as the Holders of a majority of Registrable
      Securities may designate)), (ii) printing expenses (including, without
      limitation, expenses of printing certificates for Registrable Securities and
      of
      printing or photocopying prospectuses), 

     

    
      
        
        

      

      
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    (iii)
      messenger, telephone and delivery expenses, (iv) Securities Act liability
      insurance, if the Company so desires such insurance, (v) fees and expenses
      of
      all other Persons retained by the Company in connection with the consummation
      of
      the transactions contemplated by this Agreement, including, without limitation,
      the Company’s independent public accountants (including, in the case of an
      underwritten offering, the expenses of any comfort letters or costs associated
      with the delivery by independent public accountants of a comfort letter or
      comfort letters) and legal counsel, and (vi) reasonable and documented fees
      and
      expenses of the Special Counsel in connection with any Registration Statement
      hereunder. In addition, the Company shall be responsible for all of its internal
      expenses incurred in connection with the consummation of the transactions
      contemplated by this Agreement (including, without limitation, all salaries
      and
      expenses of its officers and employees performing legal or accounting duties),
      the expense of any annual audit, the fees and expenses incurred in connection
      with the listing of the Registrable Securities on any securities exchange as
      required hereunder.

     

    5. Indemnification.

     

    (a) Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents, brokers (including
      brokers who offer and sell Registrable Securities as principal as a result
      of a
      pledge or any failure to perform under a margin call of Common Stock),
      investment advisors and employees of each of them, each Person who controls
      any
      such Holder (within the meaning of Section 15 of the Securities Act or Section
      20 of the Exchange Act) and the officers, directors, agents and employees of
      each such controlling Person, to the fullest extent permitted by applicable
      law,
      from and against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, costs of preparation and reasonable attorneys’
fees) and expenses (collectively, “Losses”),
      as
      incurred, arising out of or relating to any untrue or alleged untrue statement
      of a material fact contained or incorporated by reference in the Registration
      Statement, any Prospectus or any form of prospectus or in any amendment or
      supplement thereto or in any preliminary prospectus, or arising out of or
      relating to any omission or alleged omission of a material fact required to
      be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus or form of prospectus or amendment or supplement thereto, in the
      light of the circumstances under which they were made) not misleading, except
      to
      the extent, but only to the extent, that (i) such untrue statements or omissions
      are based solely upon information regarding such Holder furnished in writing
      to
      the Company by such Holder expressly for use therein, which information was
      reasonably relied on by the Company for use therein or to the extent that such
      information relates to (x) such Holder and was reviewed and expressly approved
      in writing by such Holder expressly for use in the Registration Statement,
      such
      Prospectus or such form of prospectus or in any amendment or supplement thereto
      or (y) such Holder’s proposed method of distribution of Registrable Securities
      as set forth in Exhibit
      A
      (or as
      such Holder otherwise informs the Company in writing); or (ii) in the case
      of an
      occurrence of an event of the type described in Section 3(c)(C)(ii),
      3(c)(C)(iii), 3(c)(C)(iv) or 3(n), the use by a Holder of an outdated or
      defective Prospectus after the delivery to the Holder of written notice from
      the
      Company that the Prospectus is outdated or defective and prior to the receipt
      by
      such Holder of the Advice contemplated in Section 3(m); provided, however,
      that
      the indemnity agreement contained in this Section 5(a) shall not apply to
      amounts paid in 

     

    
      
        
        

      

      
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    settlement
      of any Losses if such settlement is effected without the prior written consent
      of the Company, which consent shall not be unreasonably withheld. The Company
      shall notify the Holders promptly of the institution, threat or assertion of
      any
      Proceeding of which the Company is aware in connection with the transactions
      contemplated by this Agreement. Such indemnity shall remain in full force and
      effect regardless of any investigation made by or on behalf of an Indemnified
      Party (as defined in Section 5(c) to this Agreement) and shall survive the
      transfer of the Registrable Securities by the Holders.

     

    (b) Indemnification
      by Holders.
      Each
      Holder shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents and employees
      of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses, as incurred, arising solely out of or based solely
      upon any untrue statement of a material fact contained in the Registration
      Statement, any Prospectus, or any form of prospectus, or in any amendment or
      supplement thereto, or arising solely out of or based solely upon any omission
      of a material fact required to be stated therein or necessary to make the
      statements therein (in the case of any Prospectus or form of prospectus or
      supplement thereto, in the light of the circumstances under which they were
      made) not misleading, to the extent, but only to the extent, that (i) such
      untrue statement or omission is contained in or omitted from any information
      so
      furnished in writing by such Holder to the Company specifically for inclusion
      in
      the Registration Statement or such Prospectus and that such information was
      reasonably relied upon by the Company for use in the Registration Statement,
      such Prospectus, or in any amendment or supplement thereto, or to the extent
      that such information relates to (x) such Holder and was reviewed and expressly
      approved in writing by such Holder expressly for use in the Registration
      Statement, such Prospectus, or such form of prospectus or in any amendment
      or
      supplement thereto or (y) such Holder’s proposed method of distribution of
      Registrable Securities as set forth in Exhibit
      A
      (or as
      such Holder otherwise informs the Company in writing), (ii) in the case of
      an
      occurrence of an event of the type described in Section 3(c)(C)(ii),
      3(c)(C)(iii), 3(c)(C)(iv) or 3(n), the use by a Holder of an outdated or
      defective Prospectus after the delivery to the Holder of written notice from
      the
      Company that the Prospectus is outdated or defective and prior to the receipt
      by
      such Holder of the Advice contemplated in Section 3(m) or (iii) such Holder’s
      failure to comply with the Prospectus delivery requirements of the Securities
      Act through no fault of the Company; provided, however, that the indemnity
      agreement contained in this Section 5(b) shall not apply to amounts paid in
      settlement of any Losses if such settlement is effected without the prior
      written consent of the Holder, which consent shall not be unreasonably withheld.
      Notwithstanding anything to the contrary contained herein, the Holder shall
      be
      liable under this Section 5(b) for only that amount as does not exceed the
      net
      proceeds to such Holder as a result of the sale of Registrable Securities
      pursuant to such Registration Statement. 

     

    (c) Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified
      Party”),
      such
      Indemnified Party promptly shall notify the Person from whom indemnity is sought
      (the “Indemnifying
      Party”)
      in
      writing, and the Indemnifying Party shall have the right to assume the defense
      thereof, including the employment of counsel reasonably satisfactory to

     

    
      
        
        

      

      
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    the
      Indemnified Party and the payment of all reasonable fees and expenses incurred
      in connection with defense thereof; provided, that the failure of any
      Indemnified Party to give such notice shall not relieve the Indemnifying Party
      of its obligations or liabilities pursuant to this Agreement, except (and only)
      to the extent that it shall be finally determined by a court of competent
      jurisdiction (which determination is not subject to appeal or further review)
      that such failure shall have proximately and materially adversely prejudiced
      the
      Indemnifying Party. 

     

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; or (2) the Indemnifying Party shall have failed promptly to assume
      the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      in writing by counsel that a conflict of interest is likely to exist if the
      same
      counsel were to represent such Indemnified Party and the Indemnifying Party
      (in
      which case, if such Indemnified Party notifies the Indemnifying Party in writing
      that it elects to employ separate counsel at the expense of the Indemnifying
      Party, the Indemnifying Party shall not have the right to assume the defense
      thereof and such counsel shall be at the reasonable expense of the Indemnifying
      Party). The Indemnifying Party shall not be liable for any settlement of any
      such Proceeding effected without its written consent, which consent shall not
      be
      unreasonably withheld. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, effect any settlement of any pending
      Proceeding in respect of which any Indemnified Party is a party, unless such
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability on claims that are the subject matter of such Proceeding and does
      not
      impose any monetary or other obligation or restriction on the Indemnified Party.
      

     

    All
      reasonable fees and expenses of the Indemnified Party (including reasonable
      fees
      and expenses to the extent incurred in connection with investigating or
      preparing to defend such Proceeding in a manner not inconsistent with this
      Section) shall be paid to the Indemnified Party, as incurred, within ten (10)
      Business Days of written notice thereof to the Indemnifying Party, which notice
      shall be delivered no more frequently than on a monthly basis (regardless of
      whether it is ultimately determined that an Indemnified Party is not entitled
      to
      indemnification hereunder; provided, that the Indemnifying Party may require
      such Indemnified Party to undertake to reimburse all such fees and expenses
      to
      the extent it is finally judicially determined that such Indemnified Party
      is
      not entitled to indemnification hereunder).

     

    (d) Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party because of a failure or refusal of a governmental authority
      to
      enforce such indemnification in accordance with its terms (by reason of public
      policy or otherwise), then each Indemnifying Party, in lieu of indemnifying
      such
      Indemnified Party, shall contribute to the amount paid or payable by such
      Indemnified Party as a result of such Losses, in such proportion as is
      appropriate to reflect the relative fault of 

     

    
      
        
        

      

      
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    the
      Indemnifying Party and Indemnified Party in connection with the actions,
      statements or omissions that resulted in such Losses as well as any other
      relevant equitable considerations. The relative fault of such Indemnifying
      Party
      and Indemnified Party shall be determined by reference to, among other things,
      whether any action in question, including any untrue or alleged untrue statement
      of a material fact or omission or alleged omission of a material fact, has
      been
      taken or made by, or relates to information supplied by, such Indemnifying
      Party
      or Indemnified Party, and the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such action, statement or
      omission. The amount paid or payable by a party as a result of any Losses shall
      be deemed to include, subject to the limitations set forth in Section 5(c),
      any
      reasonable attorneys’ or other reasonable fees or expenses incurred by such
      party in connection with any Proceeding to the extent such party would have
      been
      indemnified for such fees or expenses if the indemnification provided for in
      this Section was available to such party in accordance with its terms.
      Notwithstanding anything to the contrary contained herein, the Holder shall
      be
      required to contribute under this Section 5(d) for only that amount as does
      not
      exceed the net proceeds to such Holder as a result of the sale of Registrable
      Securities pursuant to such Registration Statement. 

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph. No Person
      guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
      of
      the Securities Act) shall be entitled to contribution from any Person who was
      not guilty of such fraudulent misrepresentation. 

     

    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties. The indemnity and contribution agreements herein are in addition to
      and
      not in diminution or limitation of any indemnification provisions under the
      Purchase Agreement.

     

    6. Rule
      144.

     

    As
      long
      as any Holder owns Notes, Conversion Shares, Warrants or Warrant Shares, the
      Company covenants to timely file (or obtain extensions in respect thereof and
      file within the applicable grace period) all reports required to be filed by
      the
      Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange
      Act. As long as any Holder owns Notes, Conversion Shares, Warrants or Warrant
      Shares, if the Company is not required to file reports pursuant to Section
      13(a)
      or 15(d) of the Exchange Act, it will prepare and furnish to the Holders and
      make publicly available in accordance with Rule 144(c) promulgated under the
      Securities Act annual and quarterly financial statements, together with a
      discussion and analysis of such financial statements in form and substance
      substantially similar to those that would otherwise be required to be included
      in reports required by Section 13(a) or 15(d) of the Exchange Act, as well
      as
      any other information required thereby, in the time period that such filings
      would have been required to have been made under the Exchange Act. The Company
      further covenants that it will take such further action as any Holder may
      reasonably request, all to the extent required from time to time to enable
      such
      Person to sell Notes, Conversion Shares, Warrants and Warrant Shares without
      registration under the Securities Act within the limitation of the exemptions
      provided by 

     

    
      
        
        

      

      
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    Rule
      144
      promulgated under the Securities Act, including compliance with the provisions
      of the Purchase Agreement relating to the transfer of the Notes, Conversion
      Shares, Warrants and Warrant Shares. Upon the request of any Holder, the Company
      shall deliver to such Holder a written certification of a duly authorized
      officer as to whether it has complied with such requirements.

     

    7. Miscellaneous.

     

    (a) Remedies.
      In the
      event of a breach by the Company or by a Holder, of any of their obligations
      under this Agreement, each Holder or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and each Holder
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    (b) No
      Inconsistent Agreements.
      Except
      as otherwise disclosed in the Purchase Agreement, neither the Company nor any
      of
      its subsidiaries is a party to an agreement currently in effect, nor shall
      the
      Company or any of its subsidiaries, on or after the date of this Agreement,
      enter into any agreement with respect to its securities that is inconsistent
      with the rights granted to the Holders in this Agreement or otherwise conflicts
      with the provisions hereof. Without limiting the generality of the foregoing,
      other than with respect to the rights of the holders of the Company’s currently
      outstanding convertible notes and the common stock underlying such convertible
      notes and shares of common stock issued under the Standby Equity Distribution
      Agreement with Cornell Capital and its affiliates and shares of common stock
      issued to Cornell Capital and its affiliates in connection with such
      transaction, without the written consent of the Holders of a majority of the
      then outstanding Registrable Securities, the Company shall not grant to any
      Person the right to request the Company to register any securities of the
      Company under the Securities Act unless the rights so granted are subject in
      all
      respects to the rights of the Holders set forth herein, and are not otherwise
      in
      conflict with the provisions of this Agreement.

     

    (c) Notice
      of Effectiveness.
      Within
      two (2) Business Days after the Registration Statement which includes the
      Registrable Securities is ordered effective by the Commission, the Company
      shall
      deliver, and shall cause legal counsel for the Company to deliver, to the
      transfer agent for such Registrable Securities (with copies to the Holders
      whose
      Registrable Securities are included in such Registration Statement) confirmation
      that the Registration Statement has been declared effective by the Commission
      in
      the form attached hereto as Exhibit
      B.

     

    (d) Piggy-Back
      Registrations.
      If at
      any time when there is not an effective Registration Statement covering all
      of
      the Registrable Securities, the Company shall determine to prepare and file
      with
      the Commission a registration statement relating to an offering for its own
      account or the account of others under the Securities Act of any of its equity
      securities, other than on Form S-4 or Form S-8 (each as promulgated under the
      

     

    
      
        
        

      

      
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    Securities
      Act) or their then equivalents relating to equity securities to be issued solely
      in connection with any acquisition of any entity or business or equity
      securities issuable in connection with stock option or other employee benefit
      plans and other than with respect to the rights of the holders of the Company’s
      currently outstanding warrants and convertible notes and the common stock
      underlying such warrants and convertible notes and the Company’s currently
      effective registration statement on Form S-1 relating to its Standby Equity
      Distribution Agreement with Cornell Capital, as it may be amended from time
      to
      time, the Company shall send to each Holder of Registrable Securities written
      notice of such determination and, if within seven (7) Business Days after
      receipt of such notice, any such Holder shall so request in writing (which
      request shall specify the Registrable Securities intended to be disposed of
      by
      the Holder), the Company will cause the registration under the Securities Act
      of
      all Registrable Securities which the Company has been so requested to register
      by the Holder, to the extent required to permit the disposition of the
      Registrable Securities so to be registered, provided that if at any time after
      giving written notice of its intention to register any securities and prior
      to
      the effective date of the registration statement filed in connection with such
      registration, the Company shall determine for any reason not to register or
      to
      delay registration of such securities, the Company may, at its election, give
      written notice of such determination to such Holder and, thereupon, (i) in
      the
      case of a determination not to register, shall be relieved of its obligation
      to
      register any Registrable Securities in connection with such registration (but
      not from its obligation to pay expenses in accordance with Section 4 hereof),
      and (ii) in the case of a determination to delay registering, shall be permitted
      to delay registering any Registrable Securities being registered pursuant to
      this Section 7(d) for the same period as the delay in registering such other
      securities. The Company shall include in such registration statement all or
      any
      part of such Registrable Securities such Holder requests to be registered.
      In
      the case of an underwritten public offering, if the managing underwriter(s)
      or
      underwriter(s) should reasonably object to the inclusion of the Registrable
      Securities in such registration statement, then if the Company after
      consultation with the managing underwriter should reasonably determine that
      the
      inclusion of such Registrable Securities, would materially adversely affect
      the
      offering contemplated in such registration statement, and based on such
      determination recommends inclusion in such registration statement of fewer
      or
      none of the Registrable Securities of the Holders, then (x) the number of
      Registrable Securities of the Holders included in such registration statement
      shall be reduced pro-rata among such Holders (based upon the number of
      Registrable Securities requested to be included in the registration), if the
      Company after consultation with the underwriter(s) recommends the inclusion
      of
      fewer Registrable Securities, or (y) none of the Registrable Securities of
      the
      Holders shall be included in such registration statement, if the Company after
      consultation with the underwriter(s) recommends the inclusion of none of such
      Registrable Securities; provided, however, that if securities are being offered
      for the account of other persons or entities as well as the Company, such
      reduction shall not represent a greater fraction of the number of Registrable
      Securities intended to be offered by the Holders than the fraction of similar
      reductions imposed on such other persons or entities (other than the
      Company).

     

    (e) Failure
      to File Registration Statement and Other Events.
      The
      Company and the Holders agree that the Holders will suffer damages if the
      Registration Statement is not filed on or prior to the Filing Date and
      maintained in the manner contemplated herein during the Effectiveness Period.
      The Company and the Holders further agree that it would not be 

     

    
      
        
        

      

      
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    feasible
      to ascertain the extent of such damages with precision. Accordingly, if (i)
      the
      Registration Statement is not filed on or prior to the Filing Date, or (ii)
      the
      Company fails to file with the Commission a request for acceleration in
      accordance with Rule 461 promulgated under the Securities Act within five (5)
      Business Days of the date that the Company is notified (orally or in writing,
      whichever is earlier) by the Commission that a Registration Statement will
      not
      be “reviewed,” or not subject to further review, or (iii) the Registration
      Statement is filed with and declared effective by the Commission but thereafter
      ceases to be effective as to all Registrable Securities at any time prior to
      the
      expiration of the Effectiveness Period, without being succeeded immediately
      by a
      subsequent Registration Statement filed with the Commission, except as otherwise
      permitted by this Agreement, including pursuant to Section 3(n), or (iv) trading
      in the Common Stock shall be suspended or if the Common Stock is delisted from
      each securities exchange, quotation system, market or over-the-counter bulletin
      board on which Registrable Securities are required hereunder to be listed (each
      an “Exchange”),
      without immediately being listed on any other Exchange, for any reason for
      more
      than five (5) Business Days, other than pursuant to Section 3(n), or (v) the
      Company refuses or fails to effect any conversion of the Notes into Conversion
      Shares or any exercise of Warrants into Warrant Shares in accordance with the
      terms of the Notes and Warrants for any reason without the consent of the
      particular Holder (any such failure or breach being referred to as an
“Event”),
      the
      Company shall pay in cash as liquidated damages for such failure and not as
      a
      penalty to each Holder an amount equal to two percent (2%) of such Holder’s
      Subscription Amount for the initial thirty (30) day period until the applicable
      Event has been cured, which shall be pro rated for such periods less than thirty
      (30) days and two percent (2%) of such Holder’s Subscription Amount for each
      subsequent thirty (30) day period until the applicable Event has been cured
      which shall be pro rated for such periods less than thirty days (the
“Periodic
      Amount”).
      Payments to be made pursuant to this Section 7(e) shall be due and payable
      immediately upon demand in immediately available cash funds. The parties agree
      that the Periodic Amount represents a reasonable estimate on the part of the
      parties, as of the date of this Agreement, of the amount of damages that may
      be
      incurred by the Holders if the Registration Statement is not filed on or prior
      to the Filing Date and maintained in the manner contemplated herein during
      the
      Effectiveness Period or if any other Event as described herein has occurred.
      Notwithstanding the foregoing, the Company shall remain obligated to cure the
      breach or correct the condition that caused the Event, and the Holder shall
      have
      the right to take any action necessary or desirable to enforce such obligation.
      Each Holder of Registrable Securities acknowledges that, notwithstanding any
      provision of this Agreement, no damages shall be payable in connection with
      the
      Company’s imposition of a Blackout Period in accordance with Section 3(n) of
      this Agreement.

     

    (f) Specific
      Enforcement, Consent to Jurisdiction.
      

     

    (i) The
      Company and the Holders acknowledge and agree that irreparable damage would
      occur in the event that any of the provisions of this Agreement were not
      performed in accordance with their specific terms or were otherwise breached.
      It
      is accordingly agreed that the parties shall be entitled to an injunction or
      injunctions to prevent or cure breaches of the provisions of this Agreement
      and
      to enforce specifically the terms and provisions hereof, this being in addition
      to any other remedy to which any of them may be entitled by law or
      equity.

     

    
      
        
        

      

      
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    (ii) Each
      of
      the Company and the Holders (i) hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts located in New York City, New
      York
      for the purposes of any suit, action or proceeding arising out of or relating
      to
      this Agreement and (ii) hereby waives, and agrees not to assert in any such
      suit, action or proceeding, any claim that it is not personally subject to
      the
      jurisdiction of such court, that the suit, action or proceeding is brought
      in an
      inconvenient forum or that the venue of the suit, action or proceeding is
      improper. Each of the Company and the Holders consents to process being served
      in any such suit, action or proceeding by mailing a copy thereof to such party
      at the address in effect for notices to it under this Agreement and agrees
      that
      such service shall constitute good and sufficient service of process and notice
      thereof. Nothing in this Section 7(f) shall affect or limit any right to serve
      process in any other manner permitted by law. 

     

    (g) Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holders of at least a majority of the Registrable
      Securities. Notwithstanding the foregoing, a waiver or consent to depart from
      the provisions hereof with respect to a matter that relates exclusively to
      the
      rights of Holders and that does not directly or indirectly affect the rights
      of
      other Holders may be given by Holders of the Registrable Securities to which
      such waiver or consent relates; provided, however, that the provisions of this
      sentence may not be amended, modified, or supplemented except in accordance
      with
      the provisions of the immediately preceding sentence.

     

    (h) Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earlier of (i) the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile telephone number specified for
      notice prior to 5:00 p.m., New York City time, on a Business Day, (ii) the
      next
      Business Day after the date of transmission, if such notice or communication
      is
      delivered via facsimile at the facsimile number specified in this Section on
      a
      day that is not a Business Day or later than 5:00 p.m., New York City time,
      on
      any date and earlier than 11:59 p.m., New York City time, on such date, (iii)
      the Business Day following the date of mailing, if sent by nationally recognized
      overnight courier service such as Federal Express or (iv) actual receipt by
      the
      party to whom such notice is required to be given. The addresses for such
      communications shall be with respect to each Holder at its address set forth
      under its name on Schedule
      1
      attached
      hereto, or with respect to the Company, addressed to: 

     

    Access
      Pharmaceuticals, Inc.

    2600
      Stemmons Freeway, Suite 176

    Dallas,
      Texas 75207

    Attention:
      President 

    Facsimile
      No.: (214) 905-5101

    

    or
      to
      such other address or addresses or facsimile number or numbers as any such
      party
      may most recently have designated in writing to the other parties hereto by
      such
      notice. Copies of notices to the Company shall be sent to: 

     

    
      
        
        

      

      
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    Bingham
      McCutchen LLP

    150
      Federal Street

    Boston,
      Massachusetts 02110 

    Attention:
      John J. Concannon, III

    Facsimile
      No.: (617) 951-8736

    

    Copies
      of
      notices to any Holder shall be sent to the addresses, if any, listed on
Schedule
      1
      attached
      hereto. 

     

    (i) Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns and shall inure to the benefit of each
      Holder and its successors and assigns; provided, that the Company may not assign
      this Agreement or any of its rights or obligations hereunder without the prior
      written consent of each Holder; and provided, further, that each Holder may
      assign its rights hereunder in the manner and to the Persons as permitted under
      the Purchase Agreement.

     

    (j) Assignment
      of Registration Rights.
      The
      rights of each Holder hereunder, including the right to have the Company
      register for resale Registrable Securities in accordance with the terms of
      this
      Agreement, shall be automatically assignable by each Holder to any transferee
      of
      such Holder of all or a portion of the Notes, the Warrants or the Registrable
      Securities if: (i) the Holder agrees in writing with the transferee or assignee
      to assign such rights, and a copy of such agreement is furnished to the Company
      within a reasonable time after such assignment, (ii) the Company is, within
      a
      reasonable time after such transfer or assignment, furnished with written notice
      of (a) the name and address of such transferee or assignee, and (b) the
      securities with respect to which such registration rights are being transferred
      or assigned, (iii) following such transfer or assignment the further disposition
      of such securities by the transferee or assignees is restricted under the
      Securities Act and applicable state securities laws, (iv) at or before the
      time
      the Company receives the written notice contemplated by clause (ii) of this
      Section 7(j), the transferee or assignee agrees in writing with the Company
      to
      be bound by all of the provisions of this Agreement, and (v) such transfer
      shall
      have been made in accordance with the applicable requirements of the Purchase
      Agreement. The rights to assignment shall apply to the Holders (and to
      subsequent) successors and assigns.

     

    The
      Company may require, as a condition of allowing such assignment in connection
      with a transfer of Notes, Warrants or Registrable Securities (i) that the Holder
      or transferee of all or a portion of the Notes, the Warrants or the Registrable
      Securities as the case may be, furnish to the Company a written opinion of
      counsel that is reasonably acceptable to the Company to the effect that such
      transfer may be made without registration under the Securities Act, (ii) that
      the Holder or transferee execute and deliver to the Company an investment letter
      in form and substance acceptable to the Company and (iii) that the transferee
      be
      an “accredited investor” as defined in Rule 501(a) promulgated under the
      Securities Act.

     

    (k) Counterparts;
      Facsimile.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any 

     

    
      
        
        

      

      
        -
          17 -

        
          

        

      

      
        
        

      

       

    

    signature
      is delivered by electronic means or facsimile transmission, such signature
      shall
      create a valid binding obligation of the party executing (or on whose behalf
      such signature is executed) the same with the same force and effect as if such
      facsimile signature were the original thereof.

     

    (l) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, without regard to principles of conflicts of law
      thereof.

     

    (m) Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (n) Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable in any
      respect, the remainder of the terms, provisions, covenants and restrictions
      set
      forth herein shall remain in full force and effect and shall in no way be
      affected, impaired or invalidated, and the parties hereto shall use their
      reasonable efforts to find and employ an alternative means to achieve the same
      or substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms,
      provisions, covenants and restrictions without including any of such that may
      be
      hereafter declared invalid, illegal, void or unenforceable.

     

    (o) Headings.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (p) Obligations
      of Purchasers.
      The
      Company acknowledges that the obligations of each Purchaser under this
      Agreement, are several and not joint with the obligations of any other
      Purchaser, and no Purchaser shall be responsible in any way for the performance
      of the obligations of any other Purchaser under this Agreement. The decision
      of
      each Purchaser to enter into to this Agreement has been made by such Purchaser
      independently of any other Purchaser. The Company further acknowledges that
      nothing contained in this Agreement, and no action taken by any Purchaser
      pursuant hereto, shall be deemed to constitute the Purchasers as a partnership,
      an association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert or as a group
      with respect to such obligations or the transactions contemplated hereby. Each
      Purchaser shall be entitled to independently protect and enforce its rights,
      including without limitation, the rights arising out of this Agreement, and
      it
      shall not be necessary for any other Purchaser to be joined as an additional
      party in any proceeding for such purpose.

     

    Each
      Purchaser was introduced to the Company by SCO Securities LLC which has acted
      solely as agent for the Company and not for any Purchaser (other than itself).
      Each Purchaser has been represented by its own separate legal counsel in their
      review and negotiation of this Agreement and with respect to the transactions
      contemplated hereby. For reasons of administrative convenience only, this
      Agreement has been prepared by Special Counsel (counsel for SCO Securities
      LLC)
      and the Special Counsel will perform certain 

     

    
      
        
        

      

      
        -
          18 -

        
          

        

      

      
        
        

      

       

    

    duties
      under this Agreement. Such counsel does not represent all of the Purchasers
      but
      only SCO Securities LLC. The Company has elected to provide all Purchasers
      with
      the same terms and Agreement for the convenience of the Company and not because
      it was required or requested to do so by the Purchasers. The Company
      acknowledges that such procedure with respect to this Agreement in no way
      creates a presumption that the Purchasers are in any way acting in concert
      or as
      a group with respect to this Agreement or the transactions contemplated hereby
      or thereby.

     

    [signature
      page follows]

     

     

    
      
         

        

        
        

      

      
        -
          19 -

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Investor Rights Agreement
      to be duly executed by their respective authorized persons as of the date first
      indicated above.

     

    COMPANY:

    

    ACCESS
      PHARMACEUTICALS, INC.

    

    

    By:
      /s/ Stephen B. Thompson

    Name:
      Stephen B. Thompson 

    Title:
      VP
      - CFO

    

    
      
         

        

        
        

      

      
        -
          20 -

        
          

        

      

      
        
        

      

    

    

    PURCHASERS:

    

    Print
      Exact Name: SCO Capital Partners LLC

    

    

    

    By: 
      /s/ Steven H. Rouhandeh

    Name:
      Steven H. Rouhandeh
Title: Chairman

     

    

    

    [Omnibus
      Access Pharmaceuticals, Inc. Investor Rights Agreement Signature
      Page]

    

    
      
         

        

        
        

      

      
        -
          21 -

        
          

        

      

      
        
        

      

    

    

    

    PURCHASERS:

    

    Print
      Exact Name: Lake End Capital LLC

    

    

    

    By:
      /s/
Jeffrey B. Davis

    
      Name:
        Jeffrey B. Davis 

    

    Title: Chairman

    
 

     

    [Omnibus
      Access Pharmaceuticals, Inc. Investor Rights Agreement Signature
      Page]

    

     

    
      
         

      

      
        -
          21
          -Exhibit 4.10 to Alpha Innotech Corp 10-KSB 12-31-2006

    Exhibit
      4.10

    FORM
      OF

    ALPHA
      INNOTECH CORP.

    2006
      EQUITY INCENTIVE PLAN

    RESTRICTED
      STOCK AWARD AGREEMENT 

     

    THIS
      RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), dated ‹GRANT
      DATE›
      between
      Alpha Innotech Corp., a Delaware corporation (“Company”), and ‹EMPLOYEE›‹NAME›
      (the
“Employee”), is entered into as follows:

     

     

    WITNESSETH: 

     

     

            WHEREAS,
      the continued participation of the Employee is considered by the Company to
      be
      important for the Company's continued growth; and 

     

     

            WHEREAS,
      in order to give the Employee an incentive to continue in the employ of the
      Company and to assure his or her continued commitment to the success of the
      Company, the Compensation Committee of the Board of Directors of the Company
      or
      its delegates (the “Administrator”) has determined that the Employee shall be
      granted a stock award (“Stock Award”) covering shares of the Company's common
      stock (the “Shares”), subject to the restrictions stated below and in accordance
      with the terms and conditions of the 2006 Equity Incentive Plan
      (the
      “Plan”). Capitalized terms used but not defined in this Agreement have the
      meanings assigned to them in the Plan. 

     

     

            THEREFORE,
      the parties agree as follows: 

     

    1.
       Grant
      of Stock Award.
      Subject
      to the terms and conditions of this Agreement and of the Plan, the Company
      hereby grants to the Employee a Stock Award covering ‹SHARES›
      Shares
      and hereby issues such Shares to the Employee. 

    

    2.
       Vesting
      Schedule.
      Subject
      to Employee's not experiencing a Termination of Employment during the following
      vesting term, the interest of the Employee in the Shares shall vest and become
      nonforfeitable as follows: ‹INSERT
      VESTING PROVISION HERE›.
      Therefore, provided the Employee has not experienced a Termination of Employment
      prior to the close of business on the ‹INSERT
      FULL VESTING DATE HERE›,
      the
      interest of the Employee in the Shares shall become fully vested and
      nonforfeitable on that
      date. 

    

    3.
       Termination.
      In the
      event of the Termination of Employment of the Employee, all of the Shares held
      by the Employee which have not vested and which remain forfeitable as of the
      date of Termination of Employment shall be forfeited to the Company as of such
      date, without payment by the Company of any amount with respect thereto. Any
      forfeiture will be effected by the Company in such manner and to such degree
      as
      the Administrator, in its sole discretion, determines, and will in all events
      (including as to the provisions of this Section 3) be subject to Applicable
      Laws. 

     

    4.
       Transfer
      Restrictions.
      

    

    (a) Except
      as
      otherwise provided for in this Agreement, the Shares or rights granted hereunder
      may not be sold, pledged or otherwise transferred until the Shares become vested
      and nonforfeitable in accordance with Sections 2 and 3.

    
      
         

        

        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    (b) To
      enforce any restrictions on the Shares, the Administrator may require Employee
      to deposit the certificates representing the Shares, with stock powers or other
      transfer instruments approved by the Administrator endorsed in blank, with
      the
      Company or an agent of the Company to hold in escrow until the restrictions
      have
      lapsed or terminated. The Administrator may also cause a legend or legends
      referencing the restrictions be placed on the certificates during the period
      in
      which such Shares remain unvested.

    

    5.
       Stockholder
      Rights.
      The
      Employee shall be entitled to all of the rights and benefits generally accorded
      to stockholders with respect to the Shares. All dividends on Shares that are
      subject to any restrictions, including vesting, shall be subject to the same
      restrictions, including those set forth in Section 2, as the Shares on which
      the
      dividends were paid.

    

    6.
        Taxes.
      

    

    (a)
       The
      Employee shall be liable for any and all taxes, including withholding taxes,
      interest and penalties, arising out of this grant, the vesting of Shares
      hereunder, any violation of Code Section 409A, or any other transaction or
      event
      occurring with respect to the Shares if and to the extent required by Applicable
      Law. In the event that the Company is required to withhold taxes at the time
      the
      Shares vest and the restrictions on the Shares lapse (or at such other time
      as
      required by applicable laws, including in connection with the filing of the
      Section 83(b) election described below), the Employee shall make a cash payment
      in an amount necessary to satisfy applicable required withholding taxes,
      surrender a sufficient number of whole Shares acquired under this Agreement
      as
      are necessary to satisfy the applicable minimum statutory withholding amount
      or
      satisfy the payment of the withholding taxes in a form agreed to by the Company.
      The Employee will receive a cash refund for any fraction of a surrendered Share
      not necessary for required withholding taxes. To the extent that any surrender
      of Shares or payment of cash or alternative procedure for such payment is
      insufficient, the Employee authorizes the Company, its affiliates and
      subsidiaries, which are qualified to deduct tax at source, to deduct all
      applicable required withholding taxes from the Employee's compensation. The
      Employee agrees to pay any amounts that cannot be satisfied from wages or other
      cash compensation, to the extent permitted by law. For purposes of this
      Agreement, the Company shall calculate any applicable income required to be
      recognized and withholding taxes arising in connection with the issuance or
      vesting of the Shares using the same method of determining fair market value
      of
      a share of its common stock as the Company uses in determining fair market
      value
      under the Plan. 

    

    (b) The
      Employee understands that Section 83(a) of the Internal Revenue Code of
      1986, as amended (the “Code”), taxes as ordinary income the difference between
      the amount paid for the Shares and the fair market value of the Shares as of
      (i)
      the date of issuance of the Shares in the case of vested Shares that are not
      subject to a substantial risk of forfeiture, and (ii) the date forfeiture
      restrictions on the Shares lapse. In this context, “restrictions” mean the
      forfeiture obligation in the event of the Termination of Employment as set
      forth
      in Sections 2 and 3 of this Agreement and the restriction on
      transferability as set forth in Section 4 of this Agreement. The Employee
      understands that the Employee may elect to be taxed as to the unvested Shares
      at
      the time such Shares are issued, based on the value of the Shares at the
      issuance date rather than when and as the forfeiture restrictions lapse (on
      the
      vesting dates), by filing an election under Section 83(b) (an “83(b)
      Election”) of the Code with the Internal Revenue Service within 30
      days
      from the
      date of issuance. The Employee acknowledges that the foregoing is only a summary
      of the effect of United States federal income taxation with respect to issuance
      and vesting of the Shares hereunder, and does not purport to be complete. The
      Company has directed the Employee to seek independent advice regarding the
      applicable provisions of the Code, the income tax laws of any municipality,
      state or foreign country in which Employee may reside, the tax
      consequences

    
      
         

        

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    of
      the
      Employee’s death, and the decision as to whether or not to file an 83(b)
      Election (as well as appropriate advice and assistance with the actual filing
      of
      any such 83(b) Election) in connection with the issuance of the Shares. The
      Company has not provided any tax advice to the Employee in connection with
      the
      issuance of the Shares hereunder.

      

    (c)
       Regardless
      of any action the Company takes with respect to any or all income tax, payroll
      tax, payment on account or other tax-related withholding (“Tax-Related Items”),
      the Employee acknowledges and agrees that the ultimate liability for all
      Tax-Related Items legally due by him or her is and remains the Employee's
      responsibility and that the Company (i) makes no representations nor
      undertakings regarding the treatment of any Tax-Related Items in connection
      with
      any aspect of this issuance of Shares, including the vesting of the Shares
      or
      the subsequent sale of the Shares; and (ii) does not commit to structure
      the terms or any aspect of this issuance of Shares to reduce or eliminate the
      Employee's liability for Tax-Related Items. Prior to the vesting of the Shares,
      the Employee shall pay the Company any amount of Tax-Related Items that the
      Company may be required to withhold as a result of the Employee's receipt of
      Shares that cannot be satisfied by the means previously described. The Company
      may refuse to deliver the Shares if the Employee fails to comply with the
      Employee's obligations in connection with the Tax-Related Items.

    

    (d) To
      the
      extent the Company determines that this Agreement is subject to Code Section
      409A, but does not conform with the requirements thereof, the Company may at
      its
      sole discretion amend or replace the Agreement to cause the Agreement to comply
      with Code Section 409A.

    

    7.
       Data
      Privacy Consent.
      The
      Employee hereby explicitly and unambiguously consents to the collection, use
      and
      transfer, in electronic or other form, of the Employee's personal data as
      described in this document by and among, as applicable, the Company and its
      Subsidiaries and Affiliates for the exclusive purpose of implementing,
      administering and managing the Employee's participation in the Plan. The
      Employee understands that the Company and its Affiliates and Subsidiaries hold
      certain personal information about the Employee, including, but not limited
      to,
      name, home address and telephone number, date of birth, social security or
      insurance number or other identification number, salary, nationality, job title,
      any shares of stock or directorships held in the Company, details of all options
      or any other entitlement to shares of stock awarded, canceled, purchased,
      exercised, vested, unvested or outstanding in the Employee's favor for the
      purpose of implementing, managing and administering the Plan (“Data”). The
      Employee understands that the Data may be transferred to any third parties
      assisting in the implementation, administration and management of the Plan,
      that
      these recipients may be located in the Employee's country or elsewhere and
      that
      the recipient country may have different data privacy laws and protections
      than
      the Employee's country. The Employee understands that he or she may request
      a
      list with the names and addresses of any potential recipients of the Data by
      contacting the Stock Plan Administrator. The Employee authorizes the recipients
      to receive, possess, use, 

    retain
      and transfer the Data, in electronic or other form, for the purposes of
      implementing, administering and managing the Employee's participation in the
      Plan, including any requisite transfer of such Data, as may be required to
      a
      broker or other third party with whom the Employee may elect to deposit any
      Shares acquired under the Plan. The Employee understands that Data will be
      held
      only as long as is necessary to implement, administer and manage participation
      in the Plan. The Employee understands that he may, at any time, view Data,
      request additional information about the storage and processing of the Data,
      require any necessary amendments to the Data or refuse or withdraw the consents
      herein, in any case without cost, by contacting the Stock Plan Administrator
      in
      writing. The Employee understands that refusing or withdrawing consent may
      affect the Employee's ability to participate in the Plan. For
      more

    
      
         

        

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    information
      on the consequences of refusing to consent or withdrawing consent, the Employee
      understands that he or she may contact the Stock Plan Administrator at the
      Company.  

    

    8.
       Plan
      Information.
      The
      Employee acknowledges that the Employee has received copies of the Plan and
      the
      Plan prospectus from the Company and agrees to receive stockholder information,
      including copies of any annual report, proxy statement and periodic report,
      from
      the Company's website at: http://www.alphainnotech.com/corporatefiles/SEC.asp.
      The
      Employee acknowledges that copies of the Plan, Plan prospectus, Plan information
      and stockholder information are available upon written or telephonic request
      to
      the Stock Plan Administrator.

    

    9.
       Acknowledgment
      and Waiver.
      By
      accepting this grant of a Stock Award, the Employee acknowledges and agrees
      that:

    

    (a)  the
      Plan
      is established voluntarily by the Company, it is discretionary in nature and
      may
      be modified, amended, suspended or terminated by the Company at any time unless
      otherwise provided in the Plan or this Agreement; 

    

    (b)  the
      grant
      of Stock Awards is voluntary and occasional and does not create any contractual
      or other right to receive future grants of Stock Awards or Shares, even if
      Stock
      Awards or Shares have been granted repeatedly in the past; 

    

    (c)  the
      Employee's participation in the Plan shall not create a right to further
      employment with Employer, shall not create an employment agreement between
      the
      Employee and his or her Employer and shall not interfere with the ability of
      Employer to terminate the Employee's employment relationship at any time with
      or
      without cause and it is expressly agreed and understood that employment is
      terminable at the will of either party, insofar as permitted by law;

    

    (d)  Stock
      Award grants, Shares and resulting benefits are an extraordinary item that
      does
      not constitute compensation of any kind for services of any kind rendered to
      the
      Company, and is outside the scope of the Employee's employment contract, if
      any;
      and Stock Award grants, Shares and resulting benefits are not part of
      normal or expected compensation or salary for any purposes, including, but
      not
      limited to calculating any severance, resignation, termination, redundancy,
      end
      of service payments, bonuses, long-service awards, pension or retirement
      benefits or similar payments insofar as permitted by law; 

    

    (e)  in
      consideration of this grant of a Stock Award, no claim or entitlement to
      compensation or damages shall arise from termination of this Stock Award or
      diminution in value of the Shares resulting from Termination of Employment
      by
      the Company (for any reason whatsoever and whether or not in breach of local
      labor laws) and the Employee irrevocably releases the Company from any such
      claim that may arise; if, notwithstanding the foregoing, any such claim is
      found
      by a court of competent jurisdiction to have arisen, then, by accepting the
      terms of this Agreement, the Employee shall be deemed irrevocably to have waived
      any entitlement to pursue such claim; and 

    

    (f)  notwithstanding
      any terms or conditions of the Plan to the contrary, in the event of involuntary
      Termination of Employment (whether or not in breach of local labor laws), the
      Employee's right to receive benefits under this Agreement, if any, will
      terminate effective as of the date that the Employee is no longer actively
      employed and will not be extended by any notice period mandated under local
      law
      (e.g., active employment would not include a period of “garden leave” or similar
      period pursuant to local law); furthermore, in the event of
      involuntary

    
      
         

        

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Termination
      of Employment (whether or not in breach of local labor laws), the Employee's
      right to receive benefits under this Agreement after Termination of Employment,
      if any, will be measured by the date of termination of the Employee's active
      employment and will not be extended by any notice period mandated under local
      law.  

    

    10.
       Miscellaneous.
      

    

    (a)
       The
      Company shall not be required to treat as the owner of Shares, and associated
      benefits hereunder, any transferee to whom such Shares or benefits shall have
      been so transferred in violation of this Agreement. 

    

    (b)
       The
      parties agree to execute such further instruments and to take such action as
      may
      reasonably be necessary to carry out the intent of this Agreement. 

    

    (c)
       Any
      notice required or permitted hereunder shall be given in writing and shall
      be
      deemed effectively given upon delivery to the Employee at Employee’s address
      then on file with the Company. 

    

    (d)
       The
      Plan
      is incorporated herein by reference. The Plan and this Agreement constitute
      the
      entire agreement of the parties with respect to the subject matter hereof and
      supersede in their entirety all prior undertakings and agreements of the Company
      and the Employee with respect to the subject matter hereof, and may not be
      modified adversely to the Employee's interest except by means of a writing
      signed by the Company and the Employee. This Agreement is governed by the laws
      of the state of Delaware. In the event of any conflict between the terms and
      provisions of the Plan and this Agreement, the Plan terms and provisions shall
      govern. Certain other important terms governing this contract are contained
      in
      the Plan.

    

    (e)
       The
      provisions of this Agreement are severable and if any one or more provisions
      are
      determined to be illegal or otherwise unenforceable, in whole or in part, the
      remaining provisions shall nevertheless be binding and enforceable.

    

    (f) 
      Shares
      shall not be issued pursuant to the Stock Award unless such issuance and
      delivery of the applicable Shares pursuant thereto shall comply with all
      relevant provisions of Applicable Law (including that Shares shall not be issued
      unless there is an effective registration statement under the Securities Act
      covering the issuance of the Shares, or the Company determines that a valid
      exemption from applicable registration requirements are available), with such
      compliance determined by the Company in consultation with its legal counsel.
      To
      the extent the Company is unable to or the Committee deems it infeasible to
      obtain authority from any regulatory body having jurisdiction, which authority
      is deemed by the Company’s counsel to be necessary to the lawful issuance and
      sale of any Shares hereunder, the Company shall be relieved of any liability
      with respect to the failure to issue or sell such Shares as to which such
      requisite authority shall not have been obtained.

    
      	
              Accepted
                by Employee:

               

               

               

              _________________________________

              [Employee
                Name]

            	
              ALPHA
                INNOTECH CORP.

               

               

              By:
                __________________________________

               

              Name:________________________________

               

              Title:
                _________________________________

            

    

    

    

    RETAIN
      THIS AGREEMENT FOR YOUR RECORDS

     

    SV
      2261798 v1

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