Pro-Pharmaceuticals Reports Second Quarter Results
August 08 2008 - 7:05AM
Business Wire
Pro-Pharmaceuticals, Inc. (AMEX: PRW), a bio-pharmaceutical company
developing proprietary polysaccharide-based therapeutic compounds
in the treatment of cancer and fibrosis, today reported its
financial results for the second quarter and six months of fiscal
2008. These results are included in the Company�s Quarterly Report
on Form 10-Q for the three and six month period ended June 30,
2008, which has been filed with the SEC. For the three months ended
June 30, 2008, the Company reported a net loss of $563,000, or
$(0.01) per share, basic and fully diluted, compared with net
income of $36,000 or $0.00 per share, basic and fully diluted for
the same period in 2007. For the six months ended June 30, 2008,
the Company reported a net loss of $2,556,000 million, or $(0.06)
per share, basic and fully diluted, compared with a net loss of
$5,538,000, or $(0.15) per share, basic and fully diluted, for the
same period in 2007. �We completed an important step toward
submission of a New Drug Application (NDA) for DAVANAT� by filing a
Drug Master File (DMF) with the U.S. Food and Drug Administration
(FDA). This is a key development for the commercialization of
DAVANAT�,� said Theodore Zucconi, Ph.D., President,
Pro-Pharmaceuticals. �Our goal is to file an NDA for DAVANAT� this
year. We also plan to file an Investigational New Drug (IND)
application for an anti-hypoxia drug to be used in combination with
DAVANAT� and 5-FU to treat advanced solid tumors, including new
indications such as head & neck and breast cancers. The need to
improve cancer therapies is significant and represents a large
market opportunity.� Research and development expense for the
second quarter of 2008 was $744,000 compared with $668,000 for the
same period in 2007. The increase was due primarily to the DMF
filing which was offset by lower activity in ongoing Phase II
clinical trials. General and Administrative expense was $1,130,000,
compared with $1,104,000 for the second quarter of 2007. The
increase is primarily the result of higher compensation-related
expense which was offset by lower legal and accounting expense.
Research and development expense for the six months ended June 30,
2008 was $1,166,000 compared with $1,336,000 for the same period in
2007. The decrease was due primarily to lower activity in ongoing
Phase II clinical trials which was offset by the DMF filing.
General and Administrative expense was $2,120,000, compared with
$2,360,000 for the six months of 2007. The decrease was primarily
the result of lower legal and accounting expense.
Pro-Pharmaceuticals, Inc. � Advancing Drugs Through Glycoscience�
Pro-Pharmaceuticals is engaged in the discovery, development, and
commercialization of carbohydrate-based, targeted therapeutics for
advanced treatment of cancer, liver, microbial, and inflammatory
diseases. Initially, the product pipeline is focused on developing
targeted therapeutic compounds to treat cancer. The Company�s
technology also is being developed to explore the treatment of
liver and kidney fibrosis. The Company is headquartered in Newton,
Mass. Additional information is available at
www.pro-pharmaceuticals.com. FORWARD LOOKING STATEMENTS: Any
statements in this news release about future expectations, plans
and prospects for the Company, including without limitation
statements containing the words "believes," "anticipates," "plans,"
"expects," and similar expressions, constitute forward-looking
statements as defined in the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management's current
expectations and are subject to a number of factors and
uncertainties, which could cause actual results to differ
materially from those, described in such statements. We caution
investors that actual results or business conditions may differ
materially from those projected or suggested in forward-looking
statements. More information about those risks and uncertainties is
contained in the Company's most recent quarterly or annual report
and other reports filed with the Securities and Exchange
Commission. While the Company anticipates that subsequent events
may cause the Company's views to change, the Company disclaims any
obligation to update such forward-looking statements. DAVANAT and
Advancing Drugs Through Glycoscience are registered trademarks of
Pro-Pharmaceuticals.
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