Pro-Pharmaceuticals estimates cash is sufficient to fund operations through June 2007

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Pro-Pharmaceuticals, Inc. had cash, cash equivalents and a certificate of deposit totaling roughly $8.13 million at Sept. 30. The company said it believes its cash is sufficient to fund operations through at least June 2007.

For the third quarter ended Sept. 30, the company reported net income of $720,000, or $0.03 per basic share and $0.02 per fully diluted share, compared with a net loss of $1.7 million, or $0.06 per basic and fully diluted share, for the same period in 2005.

The company said the $2.6 million difference was the result of non-cash net income related to fair value accounting and interest expense associated with its convertible debenture.

Research and development expense for the third quarter was $863,000, compared with $859,000 for the same period in 2005.

Pro-Pharmaceuticals posted general and administrative expense for the quarter of approximately $1.1 million, up 26% from $846,000 for the same period in 2005.

For the first nine months of 2006, the company reported a net loss of $7.7 million, or $0.28 per share, up from a net loss of $4.8 million, or $0.18 per share, for the prior-year period.

Research and development expense rose slightly for the first nine months to $2.35 million, from $2.29 million for the first nine months of 2005.

The company's general and administrative expense for the nine-month period in 2006 were up 32% at $3.4 million, from $2.6 million in the prior-year period.

"We continued to make progress in the clinic with our lead product candidate Davanat," chief executive officer David Platt said in a company news release.

"In addition, the results from our phase 2 colorectal cancer trial for end-stage patients led us to initiate a phase 2 trial to evaluate Davanat with Avastin, 5-FU and leucovorin as a first-line treatment for locally advanced, unresectable or metastatic colorectal cancer in patients unable to tolerate intensive chemotherapy."

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.