Access Pharma (OTCBB: ACCP) - Zacks Confirms $8 Price Target

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Greg Zeng of Zacks has reconfirmed his $8.00 price target for Access Pharma (OTCBB: ACCP) and he stated his belief that "third quarter financials are expected to be better than our estimates."

  Highlights in Zeng's update included:

• On September 14, 2010, Access received its first commercial order for MuGard from BioScrip, its specialty distribution partner. BioScrip's initial purchase order of MuGard was over $700,000. This amount will provide adequate inventory for its various distribution channels to support Access’ first phase of its product launch for MuGard.
• Access Pharmaceuticals has inventory on hand and will begin shipping product to BioScrip immediately. BioScrip’s order represents Access’ first sales of MuGard in the US after the company officially launched MuGard in August 2010.
• Access signed two distribution and marketing agreements in the US, one with BioScrip and one with iMedicor/DMS earlier this year.
• On September 21, 2010, Access signed a $30 million supply agreement for MuGard with RHEI Pharmaceuticals, Inc., a specialty pharmaceutical company focused on bringing proprietary medicines to the China market. Access will ensure manufacturing capacity of up to a minimum of $30 million of product in the licensed territories.
• Coinciding with the signing of the above agreement, Access also approved a sub-license agreement between RHEI Pharmaceuticals and Jian An Pharmaceuticals Limited in Shenzhen, China in an effort to leverage Jian An's extensive sales, marketing and regulatory infrastructure for the launch of MuGard in China and Taiwan.

Zack's initial estimate for the third quarter sales of MuGard was $0.5 million, which they now feel is low.

ACCESS PHARMACEUTICALS (ACCP): Zacks Research Report

Access Pharma also announced last week that they had made "Progress on Its Cobalamin-mediated Targeted Drug Delivery Platform for siRNA." As a result of the continued advancements made with its Cobalamin program, Access rebranded the targeted-drug delivery technology as CobaCyte™; and submitted additional patent applications for its improved CobaCyte formulations, including siRNA compositions.