Pro-Pharmaceuticals Enters Research Agreement with Global Bio-pharmaceutical Company.

NEWTON, Mass. -- Pro-Pharmaceuticals, Inc. (Amex: PRW), a company "Advancing Drugs Through Glycoscience([R])", today announced it has entered into a research agreement with one of the worlds largest bio-pharmaceutical companies to enhance the efficacy and safety of its multi-billion dollar chemotherapeutic drug utilizing, DAVANAT([R]), Pro-Pharmaceuticals' proprietary target delivery compound. DAVANAT([R]) has shown in both pre-clinical and clinical studies to improve not only the efficacy of cytotoxic drugs like 5-FU, but also to reduce side effects associated with this therapy. The goal of the research agreement is to investigate the application of DAVANAT([R]) with the bio-pharmaceutical's novel chemotherapy to improve its pharmacokinetic (PK) and pharmacodynamic (PD) profile to enhance treatment against cancer.

"This collaboration is a major milestone in the validation and commercialization of DAVANAT([R]), our first-in-class target drug delivery technology," said David Platt, Ph.D, President & Chief Executive Officer, Pro-Pharmaceuticals, Inc. "The need to improve the PK/PD profile of drugs, especially anti-cancer therapies and resulting side effects, represents a significant commercial opportunity to our Company. In our clinical studies, we have seen reduced toxicity associated with DAVANAT([R])/5-FU. We believe our technology has the potential to shift the paradigm for the current standard-of-care using chemotherapeutics."

Commercialization Strategy

The Company is developing DAVANAT([R]), initially in combination with chemotherapeutics and biologics to improve cancer patient outcomes, and subsequently to "rescue" drugs that were shelved for toxicity or half-life issues; to use novel carbohydrate polymers to increase the solubility of known drugs, and to develop carbohydrate polymers as new chemical entities. Commercialization may be in the form of direct distribution, sales and marketing agreements, out-licensing, or collaboration with a biotechnology or pharmaceutical company. The Company is using this approach in the U.S. as well as in major international markets

In addition, the Company submitted data to the U.S. Food & Drug Administration (FDA) to allow marketing approval for DAVANAT([R]) to be used as a functional excipient with 5-FU and Irinotecan, for cancer applications. The Company plans to complete those filings this year. The Company also plans to file a New Drug Application for DAVANAT([R]) when it completes its clinical trials for first line treatment of advanced biliary and colorectal cancers.

Pro-Pharmaceuticals is developing a pipeline of other compounds that are in pre-clinical stage of development to address other chronic diseases. The Company is testing a library of products of marketed chemotherapeutics and biologics, including doxorubicin, irinotecan, oxaliplatin, cisplatin, paclitaxel, and bevacizumab (AVASTIN([R])). Pro-Pharmaceuticals is using its technology platform to develop novel anti-fibrosis (scarring of the liver) drugs through a research collaboration with Mount Sinai School of Medicine. The Company also has a research agreement with Digna Biotech SL of Pamplona, Spain to investigate the application of DAVANAT([R]) in combination with Digna's novel drugs to improve treatment of chronic Hepatitis C infections. The Company continues to develop and expand its pipeline of carbohydrate compounds in combination with other therapeutics and biologics for various indications.

About DAVANAT([R])

DAVANAT([R])'s mechanism of action is based upon binding to lectins on the surface of cancer cells. It is theorized that DAVANAT([R]) targets specific lectin receptors (Galectins) that are over-expressed on cancer cells. Current research indicates that Galectins affect cell development and play important roles in cancer, including tumor cell survival, angiogenesis and tumor metastasis. This form of targeted delivery may allow for higher doses of chemotherapy with no increase in toxicity.

Pro-Pharmaceuticals, Inc. - Advancing Drugs Through Glycoscience([R])

Pro-Pharmaceuticals, Inc. is engaged in the discovery, development, and commercialization of therapeutic compounds for advanced treatment of cancer, liver, microbial, cardiovascular, and inflammatory diseases. The Company's initial focus is the development of a new generation of anti-cancer treatments using polymers to enhance the safety and efficacy of chemotherapy agents. The Company's technology also is directed at "rescuing" drugs that were shelved for toxicity or "half-life" issues; increasing the solubility of existing drugs, and developing polymers as new chemical entities. Founded in 2000, the Company is headquartered in Newton, Mass. Additional information is available at www.pro-pharmaceuticals.com. Additional information on the clinical trials and participating sites can be found at www.clinicaltrials.gov, key word: DAVANAT([R]).

FORWARD LOOKING STATEMENTS: Any statements in this news release about future expectations, plans and prospects for the Company, including without limitation statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements as defined in the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in such statements. We caution investors that actual results or business conditions may differ materially from those projected or suggested in forward-looking statements as a result of various factors including, but not limited to, the following: uncertainties as to the utility and market for our potential products; uncertainties associated with pre-clinical and clinical trials of our product candidates. More information about those risks and uncertainties is contained in the Company's most recent quarterly or annual report and in the Company's other reports filed with the Securities and Exchange Commission. While the Company anticipates that subsequent events may cause the Company's views to change, the Company disclaims any obligation to update such forward-looking statements.

DAVANAT and Advancing Drugs Through Glycoscience are registered trademarks of Pro-Pharmaceuticals. AVASTIN is a registered trademark of Genentech, Inc.