Pro-Pharmaceuticals (PRWP.OB) Closes $750,000 Final Tranche of $6M Private Placement; Notes Plans for Phase III Testing of Lead Candidate
Pro-Pharmaceuticals Inc. is engaged in the discovery, development and commercialization of therapeutic compounds for advanced treatment of cancer and fibrosis. The company today announced the closing of the $750,000 final tranche of its $6 million private placement with 10X Fund L.P., which is purchasing unregistered Series B convertible preferred stock and warrants. Pro-Pharmaceuticals issued and sold 285,000 shares of Series B-2 preferred stock convertible into 1,140,000 shares of common stock, a Class A-1 and a Class A-2 warrant each exercisable to purchase 570,000 shares of common stock and a Class B warrant exercisable to purchase 2,280,000 shares of common stock,…