Pro-Pharmaceuticals quarterly net loss improves, R&D spending up 20%

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Pro-Pharmaceuticals, Inc. said for the second quarter of 2006 it reported a slightly better net loss of $1.2 million, or $0.04 per basic share and $0.08 fully diluted, compared with a net loss of $1.7 million, or $0.06 per basic and fully diluted share, for the same period in 2005.

Research and development expense for the quarter rose 20% to $998,000 from $831,000 for the second-quarter 2005. Pro-Pharmaceuticals attributed the increase to the start of the phase 2 Cholangiocarcinoma and phase 3 colorectal cancer trials.

For the first six months of 2006, the company's net loss increased to $8.5 million, or $0.31 per share, from a net loss of $3.1 million, or $0.11 per share, for the prior-year period.

Pro-Pharmaceuticals' research and development expense for the six months ended June 30 was up slightly at $1.45 million compared with $1.42 million for the first-half of 2005.

At June 30, the company had cash, cash equivalents and a certificate of deposit totaling $9.7 million.

The company said it continued to make progress in the clinic with its complex carbohydrate drug Davanat. Phase 2 and phase 3 studies of Davanat in colorectal cancer trial have begun, as well as a phase 2 Cholangiocarcinoma trial to evaluate Davanat with 5-FU.

Pro-Pharmaceuticals is a developer of novel nanotechnology carbohydrate therapeutic compounds based in Newton, Mass.

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