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
July 27, 2007
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 (IRS Employer
of Incorporation) File Number) 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 (see General Instruction A.2. below):
|_| 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))
Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
On July 27, 2007, Pro-Pharmaceuticals, Inc. issued a news release today
reporting a corporate update. In the news release, the Company reported its cash
position as of June 30th, 2007 and planned cash operating expense for the third
quarter ended September 30, 2007. A copy of the press release is furnished as
Exhibit 99.1 to this report and is incorporated herein by reference. This
information shall not be deemed to be "filed" for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, and shall not be deemed to be
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished with this report:
Exhibit Number 99.1
Description
News Release dated July 27, 2007, reporting Pro-Pharmaceuticals' corporate
update. In the news release, the Company reported its cash position as of June
30th, 2007 and planned cash operating expense for the third quarter ended
September 30, 2007.
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/ Carl L. Lueders
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Carl L. Lueders
Chief Financial Officer
Date: July 27, 2007
EXHIBIT INDEX
Exhibit
Number Exhibit
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99.1 News release dated July 27, 2007, reporting a corporate update.
Exhibit 99.1
Pro-Pharmaceuticals Issues Corporate Update
NEWTON, Mass.--(BUSINESS WIRE)--July 27, 2007--Pro-Pharmaceuticals,
Inc. (AMEX: PRW), a company "Advancing Drugs Through Glycoscience(R)",
today issued the following corporate update:
As previously indicated, Pro-Pharmaceuticals is evaluating various
financing options to bridge the Company to major milestones which the
Company anticipates to occur by the fourth quarter of 2007 or first
quarter of 2008. While the Company is confident that additional
financing will be raised, the Company has reduced planned third
quarter 2007 operating cash expenses by 30% to help bridge the Company
to these milestone events. The 30% reduction in third quarter cash
operating expenses resulted from a 50% reduction in payroll (with no
change in headcount) and lowered non-core expenses that are not
related to the Company's 505 (b)(2) submission of DAVANAT(R) to the
FDA. The Company's cash position at June 30th was approximately $2.4
million. The Company expects its cash operating expense in the third
quarter to be approximately $1.2 million.
Major milestones anticipated by the fourth quarter of 2007 or
first quarter of 2008 include:
-- Complete the 505 (b)(2) submission with the FDA to allow the
marketing and sales of DAVANAT(R) in 2008 to be used as an
adjuvant therapy (functional excipient) for the treatment of
cancer.
-- Report preliminary results from the ongoing Phase II biliary
and colorectal cancer trials.
-- Finalize a collaboration with a bio-pharmaceutical company to
commercialize DAVANAT(R).
-- Scale-up production of DAVANAT(R).
"We plan to raise capital to fund our development activities
through a debt- or equity-based financing or through partnerships with
bio-pharmaceutical companies," said David Platt, Ph.D., Chief
Executive Officer, Pro-Pharmaceuticals, Inc. "We have retained a
business development executive and are currently in active discussions
with more than a dozen companies for the licensing of DAVANAT(R). We
are making excellent progress towards our goal to submit our 505
(b)(2) application to the FDA and to commercialize DAVANAT(R) in 2008.
We remain confident that we will raise the capital necessary to
commercialize DAVANAT(R)," Dr. Platt stated.
Pro-Pharmaceuticals, Inc. - Advancing Drugs Through
Glycoscience(R)
Pro-Pharmaceuticals, Inc. is engaged in the discovery,
development, and commercialization of therapeutic compounds for
advanced treatment of cancer, liver, microbial, cardiovascular and
inflammatory diseases. The Company's initial focus is the development
of a new generation of anti-cancer treatments using polymers with the
intent of enhancing the safety and efficacy of chemotherapy agents.
The Company's technology also is directed at "rescuing" drugs that
were shelved for toxicity or "half-life" issues; increasing the
solubility of existing drugs, and developing polymers as new chemical
entities. Founded in 2000, 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 this or future financings, 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. Such forward-looking statements include statements
regarding the expected closing of the private placement and the
anticipated use of proceeds. Such factors include uncertainties as to
the utility and market for the Company's potential products;
uncertainties associated with pre-clinical and clinical trials of the
Company's product candidates; the Company's limited experience in
product development and expected dependence on potential licensees and
collaborators for commercial manufacturing, sales, distribution and
marketing of its potential products; possible development by
competitors of competing products and technologies; lack of assurance
regarding patent and other protection of its proprietary technology;
compliance with and change of government regulation of the Company's
activities, facilities and personnel; uncertainties as to the extent
of reimbursement for the Company's potential products by government
and private health insurers, and the Company's history of operating
losses and accumulated deficit. 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. More
information about those risks and uncertainties is contained in the
Company's quarterly or annual report, Form 8-K 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.
CONTACT: Pro-Pharmaceuticals, Inc.
Anthony D. Squeglia, 617-559-0033
squeglia@pro-pharmaceuticals.com