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Access Pharmaceuticals, Inc. (OTC: ACCP) and Somanta Pharmaceuticals, Inc. (OTC: SMPM) has just signed a definitive merger agreement wherein Access will acquire Somanta.

The terms of agreement include:

• Access will issue 1.5 million shares of common stock to Somanta stockholders in exchange for all the outstanding capital stock of Somanta.
• Access has received voting agreements from certain Somanta shareholders representing approximately 81% of Somanta's outstanding common shares and approximately 60% of its outstanding preferred shares under which the parties, subject to certain limited exceptions, have granted an irrevocable proxy to vote their Somanta shares in favor of the merger.
• Access will acquire four novel anti-cancer compounds in development, one of which is currently in Phase 2 clinical trials.

Expected to be completed in the summer, closing of the merger is subject to the fulfillment of certain conditions contained in the merger agreement.

Find more details from the full report (a pdf file).