Pro-Pharmaceuticals lands $325K tranche

By Mass High Tech staff

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Pro-Pharmaceuticals Inc. has pulled in a $325,000 tranche as part of a $6 million round funded by 10X Fund LP.

The fund closed on 162,500 shares of the company’s Series B-2 convertible stock and warrants, convertible to a total of 1.625 million shares of common stock.

The $325,000 tranche is part of about $3.8 million company officials said it has currently raised in the $6 million round.

Pro-Pharmaceuticals (OTCBB: PRWP) began the round with a $1.8 million tranche that closed in February. Among its subsequent tranches have been $900,000 closed in May and $500,000 closed in July.

Newton-based 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. The company develops Davanat, its primary product yet to receive FDA approval, intended to interfere with cell growth in tumors.

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