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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
September 24, 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 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 (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))
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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 September 24, Pro-Pharmaceuticals, Inc. ("the Company") announced that
Theodore H. Zucconi, Ph.D., has been named President, a position previously held
by David Platt, Ph.D., who will continue to serve as Chief Executive Officer and
Chairman of the Board of Directors. Dr. Zucconi also has been nominated to serve
on the Company's Board of Directors.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
News Release of Pro-Pharmaceuticals, Inc., dated September 24, 2007.
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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: September 24, 2007
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EXHIBIT INDEX
Exhibit
Number Exhibit
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99.1 News Release of Pro-Pharmaceuticals, Inc., dated September 24, 2007.
Exhibit 99.1
Pro-Pharmaceuticals Names Theodore Zucconi, Ph.D., President;
Nominated to the Board of Directors
NEWTON, Mass.--(BUSINESS WIRE)--Sept. 24,
2007--Pro-Pharmaceuticals, Inc. (Amex: PRW), a company "Advancing
Drugs Through Glycoscience(R)", today announced that Theodore D.
Zucconi, Ph.D, has been named President, a position previously held by
David Platt, Ph.D., who will continue to serve as Chief Executive
Officer and Chairman of the Board of Directors. Dr. Zucconi also has
been nominated to serve on the Company's Board of Directors.
"Ted is a results-oriented leader with more than 35 years
experience in operations management, R&D, problem solving, product
development and strategic planning," said David Platt, Ph.D., Chief
Executive Officer, Pro-Pharmaceuticals. "He is a creative,
enthusiastic professional, with strong leadership qualities, and a
history of increasing shareholder value. Ted's understanding of our
technology will be invaluable as we move through our next growth
phase."
"Pro-Pharmaceuticals is an excellent company, with an excellent
team and a novel, leading-edge carbohydrate technology," said Dr.
Zucconi. "I firmly believe in the wide application of the technology
platform and the future of the company. I have enjoyed working with
the team in the past and look forward to helping advance their product
candidates to commercialization."
Dr. Zucconi is President, Implementation Edge, a management
consulting firm that specializes in organizational performance
improvement and has provided consulting services to organizations,
including the National Nuclear Security Administration and Los Alamos
National Laboratory. Previously, Dr. Zucconi held executive level
positions in general management, technology and operations with
divisions of Motorola. Prior to Motorola, Dr. Zucconi held technical,
operational and scientific positions, with high technology companies
including Nortel and IBM. Dr. Zucconi has developed more than 10
patented processes.
Dr. Zucconi received a Ph.D. in Analytical Chemistry from State
University of New York, an M.S. in Analytical Chemistry, University of
Connecticut, a B.S. in Chemistry, Villanova University, a Master's
Certificate in International Management, Thunderbird University, and
is designated a Certified Project Manager from Stanford University.
Pro-Pharmaceuticals, Inc. - Advancing Drugs Through
Glycoscience(R)
Pro-Pharmaceuticals is a development stage pharmaceutical company
engaged in the discovery, development and commercialization of
first-in-class carbohydrate-based therapeutic compounds for advanced
treatment of cancer, liver, microbial, cardiovascular and inflammatory
diseases. The Company's initial focus is the development and
commercialization of a new generation of anti-cancer treatments using
carbohydrate polymers to enhance the safety and efficacy of
chemotherapy agents. The Company's technology capitalizes on the
natural property of carbohydrates to increase the efficacy and reduce
the toxicity of chemotherapeutics; "rescue" drugs that were shelved
for toxicity or "half-life" issues; increase the solubility of
existing drugs, and develop carbohydrate polymers as new chemical
entities.
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 additional 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.
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.
CONTACT: Pro-Pharmaceuticals, Inc.
Anthony D. Squeglia, 617-559-0033
squeglia@pro-pharmaceuticals.com