UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
December 20, 2006
Date of Report (Date of earliest event reported)
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PRO-PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Charter)
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NEVADA 000-32877 04-3562325
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
7 WELLS AVENUE
NEWTON, MASSACHUSETTS
02459
(Address of Principal Executive Offices) (Zip Code)
(617) 559-0033
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Change in Directors or Principal Officers, Financial Statements and Exhibits
Item 5.02. Departure of Directors or Principal Officers; Election of Directors:
Appointment of Principal Officers.
On December 20, 2006, Pro-Pharmaceuticals, Inc. ("the Company") announced that
its Board of Directors appointed James T. Gourzis, M.D., Ph.D., to serve as a
member of the Board until the 2007 annual meeting of the Company's stockholders.
From 2002 to the present, Dr. Gourzis is Principal, MEDRAND Associates,
providing consulting services with respect to scientific, strategic and
regulatory considerations associated with the development of drugs and
biologics. From 1994 to 2002, Dr. Gourzis was Senior Medical Director, PAREXEL
International Corporation. From1991 to 1994, Dr. Gourzis was Vice President
Medical Affairs, Medical and Technical Research Associates, Inc. From 1981 to
1991, Dr. Gourzis was President, MEDRAND, Inc. From 1988 to 1990, he was Vice
President Medical Affairs, Gensia Pharmaceutical, Inc. and from 1986 to 1988, he
was Chief Operating Officer, Hill Top Pharmatest, Inc. Previously, Dr. Gourzis
held senior executive positions with Group Health Associates, Merrell-National
Laboratories and Schering Corporation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
News Release of Pro-Pharmaceuticals, Inc., dated December 20, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PRO-PHARMACEUTICALS, INC.
By: /s/ David Platt
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David Platt
Chief Executive Officer
Date: December 20, 2006
EXHIBIT INDEX
Exhibit
Number Exhibit
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99.1 News Release of Pro-Pharmaceuticals, Inc., dated December 20, 2006.
Exhibit 99.1
Pro-Pharmaceuticals Appoints Dr. James Gourzis to its Board of Directors
NEWTON, Mass.--(BUSINESS WIRE)--Dec. 20, 2006--Pro-Pharmaceuticals, Inc.
(Amex: PRW), a developer of novel carbohydrate compounds, today announced
it has appointed James T. Gourzis, M.D., Ph.D., to its Board of Directors.
Dr. Gourzis has provided clinical management and strategic development of
the Company's clinical trials.
Dr. Gourzis has extensive experience in formulating scientific and
regulatory strategy and heading clinical development teams for
pharmaceutical and biotechnology products, small molecules and
biologics. Therapeutic area experience includes: oncology,
cardiovascular, virology, immunology, central nervous system, allergy,
anti-inflammatory, infectious disease, pain management and
gastrointestinal disease. Dr. Gourzis also has expertise in
negotiating collaborations and effecting R&D agreements with clients,
licensors and contractors.
"We are very pleased that James has accepted our invitation to
join our Board of Directors," said David Platt, Ph.D., Chief Executive
Officer, Pro-Pharmaceuticals. "James' experience will be invaluable as
we move our compounds through clinical trials and negotiate potential
collaboration with bio-pharmaceutical companies who are evaluating our
technology platforms."
"The Company has made good progress advancing its lead
carbohydrate compound, DAVANAT(R), through clinical trials," said Dr.
Gourzis. "I look forward to working with the Company through its next
phase of growth, which includes potential collaborations."
Dr. Gourzis is Principal, MEDRAND Associates, providing consulting
services with respect to scientific, strategic and regulatory
considerations associated with the development of drugs and biologics.
Previously, Dr. Gourzis held senior executive positions with
bio-pharmaceutical companies: Senior Medical Director, PAREXEL
International Corporation; Vice President Medical Affairs, Gensia
Sicor (Teva) Pharmaceuticals; Chief Operating Officer, HiIl Top
Pharmatest; Administrative Director, Group Health Associates;
Executive Director Medical Research, Merrell-National Laboratories;
and Senior Director Clinical Research, Schering Corporation.
About DAVANAT(R)
DAVANAT(R), the Company's lead drug candidate, is a carbohydrate
(polysaccharide) polymer derived from plant sources composed of
mannose and galactose. The Company believes DAVANAT(R)'s mechanism of
action is based upon binding to specific lectins called Galectins.
Lectins are cell surface proteins that bind certain carbohydrates.
Galectins are a type of lectin that specifically binds galactose
molecules. Current research indicates that Galectins affect cell
development and play important roles in cancer, including tumor cell
survival, angiogenesis and tumor metastasis. This form of targeted
delivery may allow for higher doses of chemotherapy administration
with no increase in toxicity.
Pro-Pharmaceuticals, Inc. - Advancing Drugs Through
Glycoscience(R)
Pro-Pharmaceuticals is a development stage pharmaceutical company
engaged in the discovery, development and commercialization of
carbohydrate-based therapeutic compounds for advanced treatment of
cancer, liver, microbial, cardiovascular and inflammatory diseases.
Initially, the product pipeline is principally focused on increasing
the efficacy and decreasing the toxicity of approved chemotherapy
drugs. The Company has been conducting clinical and pre-clinical
studies with its lead compound, DAVANAT(R), in combination with 5-FU,
leucovorin, irinotecan, doxorubicin, oxaliplatin, paclitaxel,
cisplatin, and bevacizumab (Avastin(R)). Results show that DAVANAT(R)
exhibits a broad spectrum of activity with tested drugs. The Company
is developing other carbohydrate-based therapeutic compounds that are
currently in the pre-clinical stage of development. Founded in 2000,
the Company is headquartered in Newton, Mass. Additional information
is available at www.pro-pharmaceuticals.com. Information on the
Company's Phase ll clinical trials and participating sites can be
found at www.clinicaltrials.gov website, key word: DAVANAT(R).
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 as a result of various factors including, but not limited
to, the following: uncertainties as to the utility and market for our
potential products; uncertainties associated with pre-clinical and
clinical trials of our product candidates; our limited experience in
product development and expected dependence on potential licensees and
collaborators for commercial manufacturing, sales, distribution and
marketing of our potential products; possible development by
competitors of competing products and technologies; lack of assurance
regarding patent and other protection of our proprietary technology;
compliance with and change of government regulation of our activities,
facilities and personnel; uncertainties as to the extent of
reimbursement for our potential products by government and private
health insurers; our dependence on key personnel; our history of
operating losses and accumulated deficit; and economic conditions
related to the biotechnology and bio-pharmaceutical industry. We
cannot assure you that we have identified all the factors that create
uncertainties. Readers should not place undue reliance on
forward-looking statements.
More information about those risks and uncertainties is contained
and discussed in the "Management Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" sections of
the Company's most recent quarterly or annual report and in the
Company's other reports filed with the Securities and Exchange
Commission. The forward-looking statements represent the Company's
views as of the date of this news release and should not be relied
upon to represent the Company's views as of a subsequent date. 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. CARBOSOME is a trademark of
Pro-Pharmaceuticals. AVASTIN is a registered trademark of Genentech,
Inc.
CONTACT: Pro-Pharmaceuticals, Inc.
Anthony D. Squeglia, 617-559-0033
squeglia@pro-pharmaceuticals.com.