Pro-Pharmaceuticals Provides Year-End Update
December 31 2008 - 7:00AM
Business Wire
Pro-Pharmaceuticals, Inc. (the �Company�) (NYSE Alternext US: PRW),
today provided an update regarding the company�s proposed rights
offering, pre-New Drug Application (NDA) filing and related meeting
with the U.S. Food and Drug Administration (FDA) regarding the
company�s lead product candidate DAVANAT�, NYSE Alternext US stock
listing, and cash saving initiatives. De-listing from NYSE
Alternext On December 23, 2008, the company met with the NYSE
Alternext US (�Exchange�) to appeal the Exchange�s decision to
begin the de-listing process of the company�s common stock. The
company is out-of-compliance with Section 1003(a)(ii) of the
Exchange�s Company Guide. On December 30, 2008, the Exchange
notified the company that it has denied the company�s appeal and
will begin the de-listing process in accordance with Exchange
rules. The company anticipates that its shares will be listed for
quotation on the Over-the-Counter Bulletin Board (OTCBB) or another
market and has begun the OTCBB listing process. The company will
notify investors of its new stock symbol as soon as it becomes
available. Rights Offering and FDA Meeting The company is
completing all of the state securities filings for its proposed
rights offering to its shareholders and expects to begin marketing
the rights offering in January 2009. The company filed a
registration statement with the Securities and Exchange Commission
(SEC) in mid-November for its rights offering in which it plans to
distribute, at no charge to its existing holders of the company�s
common stock on the record date, subscription rights to purchase
shares of its common stock and warrants. The company plans to file
an amended registration statement with the SEC as soon as it
receives approvals from applicable state securities authorities.
The company expects to use the proceeds from the rights offering to
complete the submission of a NDA to the FDA for DAVANAT� to be
co-administered with 5-Fluorouracil (5-FU) to treat late-stage
colorectal cancer patients. The company had a pre-NDA meeting with
the FDA on December 22, 2008 to review the PK study which the
company believes is needed to complete the NDA filing. The company
plans to announce the results of that meeting as soon as it
receives the FDA�s comments, which are expected in January 2009.
Cash Conservation Efforts The company also announced that it has
released three employees, including its president and chief
scientist, and reduced non-strategic expenses in order to extend
its cash runway through January 2009. About Pro-Pharmaceuticals,
Inc. � Advancing Drugs Through Glycoscience� 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�, the Company�s lead drug candidate, is a
polysaccharide polymer that targets Galectin receptors on cancer
cells. 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," �intends,� 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 as a result of various factors
including, but not limited to, the following: (i) uncertainties as
to the utility and market for our potential products; (ii)
uncertainties associated with pre-clinical and clinical trials of
our product candidates; (iii) uncertainties as to whether our
common stock will be listed on the OTCBB or another market; or (iv)
the results of the Rights Offering. More information about those
risks and uncertainties is contained in the Company's most recent
quarterly or annual report and in the Company's 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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