Pro-Pharmaceuticals seeks alternatives

Pro-Pharmaceuticals Inc. said today that the securities purchase agreement between the company and investors was terminated following the American Stock Exchange's notice that the company is not in compliance with listing standards.

The Newton company said it believes that a proposed new pricing, based on the current trading price of its common stock, would be "excessively dilutive" and not in the best interest of its shareholders; the company said it is evaluating other financing alternatives.

Pro-Pharmaceuticals is engaged in the discovery, development, and commercialization of therapeutic compounds for advanced treatment of cancer, liver, microbial, cardiovascular, and inflammatory diseases.

The firm's lead drug candidate is Davanat, a drug target delivery compound that Pro-Pharmaceuticals hopes can be brought to market with multiple chemotherapy drugs.
(By Chris Reidy, Globe staff)