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