Pro-Pharmaceuticals Receives Delisting Notice from NYSE Alternext US

  
    
  
  
    
      Pro-Pharmaceuticals, Inc. (NYSE Alternext US: PRW) received a 
      letter dated November 7, 2008 from the NYSE Alternext US (the 
      "Exchange"), formerly known as the American Stock Exchange, stating 
      that the Exchange intends to begin delisting proceedings of the Company’s 
      common stock because the Company was not able to regain compliance with 
      Section 1003(a)(i) of the Company Guide with stockholders’ 
      equity of less than $2,000,000 and losses from continuing operations and 
      net losses in two out of its three most recent fiscal years, and Section 
      1003(a)(ii) of the Company Guide with stockholders’ 
      equity of less than $4,000,000 and losses from continuing operations and 
      net losses in three of its four most recent fiscal years. The Company 
      has appealed the Exchange’s decision and 
      requested a hearing before the Exchange’s 
      Corporate Compliance Panel, but cannot assure that the Exchange’s 
      decision will be reversed. If the Company’s common 
      stock is delisted, the shares may trade on another market, including the 
      Over-the-Counter Bulletin Board.
    
    
      “We recently submitted information to the 
      Exchange about our plans to regain compliance and are disappointed with 
      the Exchange’s decision,” 
      said Anthony Squeglia, Chief Financial Officer, Pro-Pharmaceuticals, 
      Inc. “We believe we will have more compelling 
      information, including raising new capital in our planned rights 
      offering to our loyal shareholders, to present at the hearing and intend 
      to take the steps necessary so that our common stock continues to be 
      listed on the Exchange.”
    
    
      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. 
      DAVANAT® is 
      currently in a Phase II trial for colorectal cancer. 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: 
      uncertainties as to the utility and market for our potential products; 
      uncertainties associated with pre-clinical and clinical trials of our 
      product candidates; and uncertainties as to whether our common stock 
      will continue to be listed on the NYSE Alternext US or 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.