Pro-Pharmaceuticals Closes $310,000 Tranche

Brings Total to $4.1 Million of $6.0 Million Private Placement

NEWTON, Mass. -- Pro-Pharmaceuticals, Inc. (OTCBB: PRWP) (the "Company"), today announced that it has closed a $310,000 tranche of a private placement of up to $6.0 million with 10X Fund, L.P., which is purchasing unregistered Series B convertible preferred stock and warrants. This tranche brings the total raised to date from the 10X Fund to approximately $4.1 million.

At the closing, which occurred on November 4, 2009, the Company issued and sold 155,000 shares of Series B-2 preferred stock convertible into 620,000 shares of common stock, a Class A-1 and a Class A-2 warrant each exercisable to purchase 310,000 shares of common stock and a Class B warrant exercisable to purchase 1,240,000 shares of common stock, for a gross purchase price of $310,000. Net proceeds were approximately $296,000.

The Company expects to use the proceeds from the financing for partnership development and approvals in countries with their own approval process, as well as for general corporate purposes.

The Series B Preferred Stock, the Class A-1 Warrants, the Class A-2 Warrants and the Class B Warrants, including the common stock underlying the Series B Preferred Stock and warrants, have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About DAVANAT® and Galectin Therapeutics

DAVANAT®, the Company's lead product candidate, is a carbohydrate polymer that targets galectin receptors 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. To date, DAVANAT® has been administered to approximately 100 cancer patients. Data from a Phase II trial for end-stage colorectal cancer patients showed that DAVANAT® in combination with 5-FU extended median survival to 6.7 months with significantly reduced side effects, as compared to 4.6 months for best standard of care as determined by the patients' physicians. These clinical trials also showed that patients experienced fewer serious adverse side effects of the chemotherapy and required less hospitalization.

Pro-Pharmaceuticals, Inc.

Pro-Pharmaceuticals, OTCBB: PRWP, is engaged in the discovery, development and commercialization of carbohydrate therapeutics for advanced treatment of cancer and fibrosis. Initially, the product pipeline is focused on increasing the efficacy and decreasing the toxicity of chemotherapy drugs. The Company is headquartered in Newton, Mass. Additional information is available at www.pro-pharmaceuticals.com.