Pro-Pharmaceuticals' future questionable

By Lisa Kerner

Charlotte, N.C., Jan. 28 - Pro-Pharmaceuticals, Inc. said if it does not raise additional funds, there will be "substantial doubt" as to whether the company can continue as a going concern beyond February.

The company currently has approximately $1.2 million in cash and some $900,000 in liabilities, according to a form 8-K filing with the Securities and Exchange Commission.

Pro-Pharmaceuticals previously reported available cash and cash equivalents of $1.14 million as of Sept. 30 and said it believed it had sufficient cash to fund its operations through at least December.

The company has raised some $1.72 million to date in a private placement of units. Each unit is comprised of:

• One share of the company's series A 12% convertible preferred stock;

• A common stock purchase warrant exercisable for $1.50 to purchase one share of Pro-Pharmaceuticals' common stock; and

• A common stock purchase warrant exercisable for $2.00 to purchase one share of the company's common stock.

The company said it is "actively pursuing additional sources of financing and other strategic alternatives."

Pro-Pharmaceuticals is a development-stage pharmaceutical company based in Newton, Mass.

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