ACCESS PHARMACEUTICALS ANNOUNCES PRIVATE PLACEMENT OF $5.2 MILLION

Dallas, TX and New York, NY, November 2, 2011 - ACCESS PHARMACEUTICALS, INC. (OTCBB: ACCP), a biopharmaceutical company leveraging its proprietary drug-delivery platforms to develop treatments in areas of oncology, cancer supportive care and diabetes, announced that it has entered into definitive agreements for the purchase of $5.2 million of units, consisting of Access common stock and warrants, in a private placement financing with a select group of institutional and accredited investors.  Each unit consists of one share of common stock at $1.45 share price, with 50% warrant coverage with an exercise price of $1.67 per share and a term of two and half years and 50% warrant coverage with an exercise price of $2.00 per share and a term of 5 years.  The Company is required to file a resale registration statement within 30 days following the closing that covers the resale by the investors of the shares and the shares issuable upon exercise of the warrants.  The transaction is expected to close on or about November 7, 2011, subject to the satisfaction of customary closing conditions.

“We believe this financing gives us the necessary resources to advance MuGard significantly in the United States and globally,” said Jeffrey Davis, CEO of Access Pharmaceuticals, Inc.  He continued, “We appreciate the continued support of our investors.”