Pro (AMEX:PRW)
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From May 2019 to May 2024
Pro-Pharmaceuticals, Inc. (NYSE Alternext US: PRW) announced that
the Board of Directors has approved a rights offering to its
shareholders whereby the Company will distribute non-tradable rights to
purchase common stock and warrants. The offering will include a
distribution of basic and over-subscription rights, each of which will
be exercisable to purchase one share and one warrant.
The Company has engaged a dealer-manager and information agent to assist
with the transaction. The Company intends to file a Form S-1
registration statement with the Securities and Exchange Commission to
register this transaction. The commencement of the rights offering will
occur promptly following the effectiveness of that registration
statement. The Company plans to announce additional information
regarding the rights offering at the time it files the registration
statement.
"We intend to use the capital raised in this rights offering to meet our
goal of getting our lead product in development, DAVANAT®,
through the regulatory process and into the marketplace," stated David
Platt, Ph.D., Chief Executive Officer, Pro-Pharmaceuticals, Inc. "We are
devoting, and expect to continue to devote for the foreseeable future,
substantially all of our resources to the preparation and filing a New
Drug Application (NDA) with the U.S. Food & Drug Administration for
DAVANAT® to treat
colorectal cancer patients. DAVANAT®
is our number one priority and the funds raised from our loyal
shareholders in the rights offering will allow us to continue to focus
on this priority.”
This news release does not constitute an offer to sell any of the Company’s
securities.
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.