Pro-Pharmaceuticals reports $1.75 million 4Q net loss, says operations funded through June 2007

By Angela McDaniels

Seattle, March 10 - Pro-Pharmaceuticals Inc. said its net loss decreased by 19% to $1.749 million, or $0.07 per share, for the fourth quarter ended Dec. 31 from a net loss of $2.158 million, or $0.07 per share, for the same period in 2004.

For the full year, net loss decreased by 9% to $6.544 million, or $0.24 per share, from a net loss of $7.180 million, or $0.28 per share, for 2004, according to a company news release.

At Dec. 31, Pro-Pharmaceuticals had cash and cash equivalents of about $4.5 million. The company added $9.3 million on Feb. 14 when it completed a private placement of convertible debentures and warrants with institutional investors and predicted its cash will fund operations through at least June 2007.

"We continue to make progress toward our goal to develop and commercialize our proprietary carbohydrate-based therapeutic compounds," chief executive officer David Platt said in the release.

"We believe our expertise in carbohydrates offers opportunities to provide advanced treatment of cancer, liver, microbial, cardiovascular and inflammatory diseases, as well as viral infections."

All figures are unaudited, the company noted.

Pro-Pharmaceuticals is a development-stage pharmaceutical company based in Newton, Mass., that develops carbohydrate-based therapeutic compounds.

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