Pro-Pharmaceuticals to Commence Rights Offering to Shareholders
November 14, 2008
Pro-Pharmaceuticals, Inc.
The Company has engaged a dealer-manager and information agent to assist with the transaction. The Company intends to file a Form S-1 registration statement with the Securities and Exchange Commission to register this transaction. The commencement of the rights offering will occur promptly following the effectiveness of that registration statement. The Company plans to announce additional information regarding the rights offering at the time it files the registration statement.
"We intend to use the capital raised in this rights offering to meet our goal of getting our lead product in development, DAVANAT(R), through the regulatory process and into the marketplace," stated David Platt, Ph.D., Chief Executive Officer, Pro-Pharmaceuticals, Inc. "We are devoting, and expect to continue to devote for the foreseeable future, substantially all of our resources to the preparation and filing a New Drug Application (NDA) with the U.S. Food & Drug Administration for DAVANAT(R) to treat colorectal cancer patients. DAVANAT(R) is our number one priority and the funds raised from our loyal shareholders in the rights offering will allow us to continue to focus on this priority."
About Pro-Pharmaceuticals, Inc. -- Advancing Drugs Through Glycoscience(R)
Pro-Pharmaceuticals is a clinical and development stage pharmaceutical company engaged in the discovery, development and commercialization of carbohydrate-based, therapeutic compounds for advanced treatment of cancer, liver, microbial and inflammatory diseases. The Company's initial focus is the development of carbohydrate polymers to treat cancer patients. DAVANAT(R), the Company's lead drug candidate, is a polysaccharide polymer that targets Galectin receptors on cancer cells. DAVANAT(R) is currently in a Phase II trial for colorectal cancer. The Company is headquartered in Newton, Mass. Additional information is available at www.pro-pharmaceuticals.com.
DAVANAT and Advancing Drugs Through Glycoscience are registered trademarks of Pro-Pharmaceuticals.