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Print Edition StoriesMonday, July 6, 2009
Pro-Pharmaceuticals grabs $500K in tranche
By Mass High Tech staff
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Newton-based Pro-Pharmaceuticals Inc. has landed $500,000 of a $6 million round financed by 10X Fund LP.
The fund closed on 250,000 shares of Pro-Pharmaceuticals (OTCBB: PRWP) unregistered Series B convertible preferred stock and warrants, convertible to 1 million shares of common stock. The funding will support the company’s New Drug Application submission to the U.S. Food and Drug Administration for its Davanat drug candidate for treating cancer.
In February, the company closed an initial $1.8 million tranche, and then in May, it closed a $900,000 tranche. To date, Pro-Pharmaceuticals has raised $3.2 million in private placement. Before next August 11, the company plans to raise another $2.8 million.
By mid-August, Pro-Pharmaceuticals will issue and sell up to $2.8 million of Series B-2 preferred stock and warrants, company officials report.
Pro-Pharmaceuticals is a clinical and development stage pharmaceutical firm that discovers and develops carbohydrate-based compounds for the treatment of cancer, liver, microbial and inflammatory diseases.
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