Pro-Pharmaceuticals, Inc. (OTCBB: PRWP), a developer of galectin-targeted, carbohydrate therapeutic compounds to treat cancer and fibrosis, today reported its financial results for the third quarter and first nine months of fiscal 2009. These results are included in the Company’s Quarterly Report on Form 10-Q for the three- and nine-month periods ended September 30, 2009, which has been filed with the SEC.
For the three months ended September 30, 2009, the Company reported a net loss applicable to common stock of $1,915,000, or ($0.04) per share, basic and fully diluted, compared with net income of $162,000, or $0.00 per share for the same period in 2008.
For the nine months ended September 30, 2009, the Company reported a net loss applicable to common stock of $8,111,000 or ($0.17) per share, basic and fully diluted, compared with a net loss of $2,522,000, or $(0.05) per share for the same period in 2008.
Research and development expense for the third quarter of 2009 was $289,000, compared with $338,000 for the same period in 2008. The decrease was due primarily to overall lower activity in clinical and pre-clinical programs as a result of cost containment measures. Research and development expense for the nine-month period ended September 30, 2009 was $865,000, compared with $1,504,000 in the same period in 2008. The decrease was due primarily to overall lower activity as a result of cost containment measures, decreased salaries and stock-based compensation. Also, during the three and nine-months ended September 30, 2008, the Company incurred costs related to the filing of the DAVANAT® Drug Master File with the FDA.