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Print Edition StoriesWednesday, November 4, 2009
Pro-Pharmaceuticals grabs another piece of $6M funding round
By Mass High Tech staff
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Pro-Pharmaceuticals Inc. has landed a $310,000 tranche, part of a planned $6 million financing round backed by 10X Fund LP. The latest funding brings the round up to $4.1 million.
The Newton-based pharmaceutical firm sold 155,000 shares of Series B-2 preferred stock and warrants, convertible to a total of 2.17 shares of common stock. The funds will be used to develop partnerships and global approvals from countries with their own approval process, according to Pro-Pharmaceuticals officials.
The company has been chipping away at the $6 million round with multiple small fundings. Last month, Pro-Pharmaceuticals snagged a $325,000 tranche. It also grabbed $900,000 in May and $500,000 in July. The company began the round in February with a $1.8 million tranche.
Pro-Pharmaceuticals (OTCBB: PRWP) 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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