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Pro-Pharmaceuticals, Inc. (PRWP) Releases Financial Results for the First Quarter of 2011

May 13, 2011 3:27 PM ETPRWP
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Pro-Pharmaceuticals, Inc., a developmental stage company that engages in the discovery and development of therapeutics for cancer and other diseases, has recently released its financial results for the first quarter of 2011, which ended March 31, 2011. These results will be included in the Company’s Quarterly Report on Form 10-Q, which has been filed with the SEC.

“This is an exciting new era for our company as we advance our galectin protein science into two indications with tremendous unmet medical needs. We are collaborating with The Ludwig Institute of Cancer Research in Brussels to expand the application of our galectin targeting compounds in administration with cancer vaccines, one of the most exciting new areas of cancer therapy,” said Peter G. Traber, M.D., President and Chief Executive Officer, Pro-Pharmaceuticals. “We expect this collaboration to result in the initiation of a Phase 1/2 clinical trial later this year in patients with metastatic melanoma. In addition, Dr. Scott Friedman at the Mount Sinai School of Medicine is conducting pre-clinical trials to advance our galectin therapeutic compounds to treat liver fibrosis. Our compounds have reversed liver fibrosis and cirrhosis in pre-clinical studies. The only treatment for late stage fibrosis or cirrhosis is liver transplantation.”

As of March 31, 2011, the Company had $6.9 million of unrestricted cash and cash equivalents that were available to fund future endeavors. Prior to March 31, 2011, the Company issued 1.0 million shares of common stocks for the exercise of common stock options and warrants, which resulted in cash proceeds of $0.6 million. The Company believes that with the combined funds on hand from March 31, 2011 and the cash received before the quarter ended, they will be able to fund operations through the year 2012.

For the first quarter for the 2011 fiscal year, the Company disclosed a net loss applicable to its common stock of $2.7 million, or $0.04 per share, both basic and diluted, in comparison to its net loss applicable to common stock of $2.8 million, or $0.06 per share, for the corresponding period in 2010. The first quarter results for 2011 include $0.4 million of non-cash expenses in relation to the change in the fair value of warrants, in comparison with the $1.1 million for the year 2010.

Development and research expenses for the first quarter of 2011 was reported at $0.7 million, compared to the $0.1 million for the corresponding period in 2010. The increase was mainly due to increased stock-based compensation, as well as an increase in activity in pre-clinical and clinical programs.

Administrative and general expenditures for the first quarter of 2011 were $1.3 million, in comparison with $0.9 million for the corresponding period in 2010. The growth was mainly caused by an increase in legal, payroll, accounting, and business development expense.

For more information on Pro-Pharmaceuticals, Inc. and its products, visit their company website: pro-pharmaceuticals.com

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