Bridge Technology Group LLC Announces Investment Opinion on Access Pharmaceuticals
NEW YORK--(BUSINESS WIRE)--Jan. 12, 1999--
Bridge Technology Group Llc Reiterates Buy Recommendation On Access Pharmaceuticals Inc. Following Acquisition of Product Rights
Please Visit Bridge's Web Site at www.BridgeNYC.com
for Detailed Report
Bridge Technology Group LLC announced today that it has reiterated its BUY recommendation on Access Pharmaceuticals (OTC:AXCS) following AXCS' announcement that it had acquired rights from Block Drug Company to amlexanox for the indication of mucositis. The full text of this report can be accessed at Bridge's web site, at www.BridgeNYC.com.
Amlexanox, in a 5% paste formulation, is currently the only FDA-approved product to treat canker sores (aphthous ulcers) and is marketed by Block in the US as Aphthasol(tm). Mucositis involves ulceration of the mouth and is a common complication of chemotherapy (approximately 40% of patients) and virtually all patients who receive radiation therapy to the head and neck develop oral mucositis. The Bridge report estimates the U.S. market for amlexanox for the mucositis indication to be roughly $250 million and could be even greater if the product were to be used preventatively by cancer patients.
Jeffrey B. Davis, President of Bridge Technology Group, stated, "We feel this is great news for Access, as management was able to acquire rights to a valuable product at a very reasonable cost to the company. We also believe that, due to the fact that amlexanox is already marketed for a similar indication and has an excellent safety profile, only an abbreviated Phase III package on mucositis will be necessary to gain FDA approval. We are estimating," Mr. Davis continued, "that Access will file an IND in the US and the UK during the first half of 1999, and that amlexanox for mucositis could receive US, UK and European approval during 2001." |
