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Print Edition StoriesThursday, December 10, 2009
Pro-Pharmaceuticals takes another $325,000 bite of Series B
By Mass High Tech staff
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Newton-based Pro-Pharmaceuticals Inc. continues to nibble away at the planned $6 million private placement funding round it started in February, this time closing on a $325,000 tranche. The backer of the Series B round is 10X Fund LP, and Pro-Pharmaceuticals has now raised approximately $4.4 million in this round to date.
Officials at Pro-Pharmaceuticals say the company plans to use the financing to move its lead compound, Davanat, toward commercialization development, as well as for general corporate purposes. Davanat is a carbohydrate polymer that fights cancer by targeting an area on cancer cells called Galectin receptors, which appear more in cancer cells than normal cells.
Pro-Pharmaceuticals took the previous tranche from 10X Fund in early November, to the tune of $310,000. Those funds were to be used to develop partnerships and global approvals from countries with their own approval process, according to Pro-Pharmaceuticals officials at the time.
In October, Pro-Pharmaceuticals, which trades on the Over the Counter Bulletin Board under the ticker symbol “PRWP,” landed a similar $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.
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