Pro-Pharmaceuticals Inc. (PRWP) Reaches 52-Week High after Reporting Q1 Results

Pro-Pharmaceuticals Inc. (PRWP) Reaches 52-Week High after Reporting Q1 Results

Shares of Pro-Pharmaceuticals, Inc. (OTC: PRWP) surged more than 15% in today�s trading. The penny stock reached a high of $0.83 this morning, and at last check was up by 15.88% to $0.810, with volume up from daily average of 332,000 to 616,703. Newton, Massachusetts-based Pro-Pharmaceuticals is a development stage company involved in the discovery and development of Galectin-targeting therapeutics.

The penny stock jumped after Pro-Pharmaceuticals reported its first-quarter results, posting a net loss of $2.8 million, or $0.06 per share. In the same period last year, the company reported a net loss of $2.9 million, or $0.06 per share. The company�s expenses on research and development stood at $129,000 in the quarter, down from $153,000 reported last year.

Pro-Pharmaceuticals CEO Theodore Zucconi said that the company continues to make steady progress toward commercializing DAVANAT, which is the company�s lead product that target Galectin receptors on cancer cells. Zucconi also said that the company entered into an exclusive agreement in the first quarter with PROCAPS S.A. to market its DAVANAT Colombia as soon as it approved in that country.

On Tuesday, the company announced that it closed the $570,000 final tranche to complete a private placement worth $6 million, with 10X Fund L.P. 10X Fund is purchasing unregistered Series B convertible preferred stock and warrants. Zucconi commented that the funding from 10X came in challenging economic times and with the cash in hand, and will allow the company to fund operations into October. The funding will also help the company to move ahead with its plans to commercialize DAVANAT.

The company achieved several positive developments in the first quarter. With its funding worries over until October, the company can now push ahead with its plan to commercialize DAVANAT and start generating revenues.

The penny stock has a 52-week range of $0.24-$0.83, with the high of $0.83 reached in today�s trading. The stock has a beta of 1.29, which implies that it has been a little volatile. Currently, the penny stock is trading above its 50-day and 200-day moving averages.

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