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Print Edition StoriesTuesday, February 2, 2010
Pro-Pharmaceuticals grabs another $325K from planned $6M round
By Mass High Tech staff
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Pro-Pharmaceuticals Inc. took another step closer to reaching its planned $6 million private placement with its latest tranche of $325,000, backed by 10X Fund LP. The round now stands at $4.7 million raised.
The Newton-based drug developer sold 162,500 shares of Series B-2 preferred stock that converts into 650,000 shares of common stock, as well as Class A-1 and Class A-2 warrants to buy 325,000 shares of common stock and a Class B warrant to buy 1.3 million shares of common stock.
Pro-Pharmaceuticals plans to use the funds to help commercialize its lead compound, Davanat, 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 (OTCBB: PRWP) reported in December a similar tranche for $325,000 as part of the $6 million round. Its $310,000 tranche in November was expected to be used to develop partnerships and global approvals from countries with their own approval process, according to Pro-Pharmaceuticals officials at the time. The company has been chipping away at the $6 million round, which began in February 2009 with a $1.8 million tranche.
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