Pro-Pharmaceuticals Reports Fourth Quarter and Full Year 2004 Results; Annual Shareholders Meeting Scheduled for May 25th.
For the fourth quarter ended December 31, 2004, the Company reported a net loss of $2,158,000, or $0.07 per share, compared with a net loss of $1,571,000, or $0.07 per share, for the same period in 2003. For the full year 2004, the Company reported a net loss of $7,180,000, or $0.28 per share, compared with a net loss of $4,873,000, or $0.23 per share, for the same period in 2003.
At December 31, 2004, the Company's cash was approximately $10.7 million.
"We continue to make progress towards our goal to develop and commercialize our proprietary carbohydrate-based compounds to increase efficacy and lower toxicity of widely used chemotherapy drugs," said David Platt, Ph.D., Chairman and Chief Executive Officer, Pro-Pharmaceuticals. "We completed a Phase I trial of our lead compound, DAVANAT(R)/5-FU, and expect to publish the final results in the ASCO Annual Meeting Proceedings in May. We initiated a Phase II trial of DAVANAT(R)/5-FU for colorectal cancer and expect to begin dosing patients shortly. We continue to develop and expand our pipeline of drug candidates and are conducting pre-clinical studies using DAVANAT(R)/5-FU in combination therapies that include irinotecan, oxaliplatin and bevacizumab."
Key Operational Highlights:
--Initiated a Phase II clinical trial of our lead anti-tumor compound DAVANAT(R)/5-FU
--Sponsored the American Chemical Society's Carbohydrate Drug Design Symposium
--Strengthened the balance sheet by raising approximately $10.5 million
--Established a Medical Advisory Board and appointed five members
--Presented positive interim Phase I data at the ASCO Gastrintestional Cancers Symposium: DAVANAT(R)/5-FU was well tolerated; dose limiting toxicity was not reached; disease stabilized in 45% of the patients who completed the study through November 2004
--Completed a Phase I trial for refractory patients with all solid tumors
--Filed six new patent applications
"Our progress in 2004 positions us well for 2005 and brings us closer to realizing our goal to improve the quality of life for cancer patients, while creating value for our shareholders," stated Platt.
Key Goals for 2005:
--Publish and present Phase I final results
--Enroll and dose patients in Phase II
--Continue to develop/expand our product pipeline with combination chemotherapies
--File an Investigational New Drug application with the FDA for a second drug candidate
--Continue to file new patent applications
--Pursue potential collaborations to commercialize our compounds
Annual Shareholders Meeting
The Company's Annual Shareholders Meeting is scheduled to be held on May 25th at 10 a.m. at the Sheraton-Needham Hotel in Needham, Massachusetts.
DAVANAT(R) is a proprietary polysaccharide in a CARBOSOME(TM) formulation that enables the targeted delivery of chemotherapy drugs to protein receptors (lectins) that are unique to cancer cells.
Pro-Pharmaceuticals, Inc. - Advancing Drugs Through Glycoscience(R)
Pro-Pharmaceuticals is a drug development company commercializing a new generation of anti-cancer treatments using carbohydrate compounds to Glyco-Upgrade(TM) the safety and efficacy of FDA-approved chemotherapy drugs. The Company has been conducting pre-clinical studies for irinotecan, doxorubicin, oxaliplatin, paclitaxel, cisplatin, and most recently with bevacizumab both in combination with DAVANAT(R) and other polysaccharide compounds. Human colon and breast xenography are being used to optimize formulations and results show that DAVANAT(R) exhibits a broad spectrum of activity with tested drugs. Additional information is available at www.pro-pharmaceuticals.com.
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. Because of uncertainties and risks facing the Company, many of which are outside of the Company's control, future events could cause actual results to differ materially from those indicated by such statements. More information about those risks and uncertainties is contained and discussed in the "Management Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's most recent quarterly or annual report and in the Company's other reports filed with the Securities and Exchange Commission. The forward-looking statements herein represent the Company's views as of the date of this press release and should not be relied upon to represent the Company's views as of a subsequent date. 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. Glyco-Upgrade is a trademark of Pro-Pharmaceuticals. CARBOSOME is a trademark of Pro-Pharmaceuticals.
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|Date:||Apr 8, 2005|
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