UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 29, 1998
ACCESS PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State of other jurisdiction of incorporation)
0-9314 83-0221517
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(Commission File Number) (IRS Employer Identification No.)
2600 Stemmons Freeway, Suite 176, Dallas, Texas, U.S.A. 75207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
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(214) 905-5100
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(Former Name or Former Address, if Changed Since Last Report)
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Item 4. Changes in Registrant's Certifying Accountants
KPMG Peat Marwick LLP was previously the principal accountants for Access
Pharmaceuticals, Inc. On October 22, 1998, that firm resigned. The Board of
Directors of the Company has begun the process of seeking to retain an
accounting firm to audit the Company's consolidated financial statements for
the current fiscal year ending December 31, 1998. The Board of Directors
expects to complete its search and retain a new accounting firm prior to the
end of this calendar year. The decision to change accountants was not
recommended by the audit committee of the board of directors.
In connection with the audits of the two fiscal years ended December 31, 1997,
and the subsequent interim period through October 22, 1998, there were no
disagreements with KPMG Peat Marwick LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to their satisfaction would
have caused them to make reference in connection with their opinion to the
subject matter of the disagreement.
KPMG Peat Marwick LLP's independent auditors' report on the consolidated
financial statements of Access Pharmaceutical's Inc. and subsidiary as of
and for the years ended December 31, 1997 and 1996, contained a separate
paragraph stating that "the Company has suffered recurring losses from
operations and has a net capital deficiency, that raise substantial doubt
about its ability to continue as a going concern. Management's plans in
regard to these matters are also described in Note 11. The consolidated
financial statements do not include any adjustments that might result from
the outcome of this uncertainty."
Exhibits:
Exhibit 16.1 Auditors' Resignation Letter
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ACCESS PHARMACEUTICALS, INC.
By: /s/ Kerry P. Gray
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Title: President and CEO
Dated: October 29, 1998
October 29, 1998
Securities and Exchange Commission
Washington D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Access Pharmaceuticals, Inc., and
under the date of March 24, 1998, we reported on the consolidated financial
statements of Access Pharmaceuticals, Inc. and subsidiary as of and for the
years ended December 31, 1997 and 1996. On October 22, 1998, we resigned. We
have read Access Pharmaceuticals. Inc.'s statements included under Item 4
of its Form 8-K date October 29, 1998, and we agree with such statements.
Very truly yours,
KPMG Peat Marwick LLP
/s/ KPMG Peat Marwick LLP
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