Knobias Clip Report (06-18-2008)
Submitted By Knobias ClipReport
PRW: CEO Discusses Development of Unique Technology to Treat Cancer
The Chairman and CEO of Pro-Pharmaceuticals, Inc. (PRW), Dr. David Platt, discussed with Knobias the Company’s development and commercialization of targeted therapeutic compounds for advanced treatment of cancer, liver, microbial and inflammatory diseases.
The Company’s lead pipeline candidate is DAVANAT(R), a proprietary polysaccharide polymer that is currently in Phase II trials for first-line treatment of colorectal and biliary cancer. DAVANAT(R) has a mechanism of action that is based upon affecting lectins–specific receptors that bind only to a particular type of carbohydrate. The product is formulated to attach to lectins on tumor cells while selectively avoiding surrounding healthy tissue. The results from a completed Phase II clinical trial for end-stage colorectal cancer patients, whose disease progressed after being treated with all approved therapies, showed that DAVANAT(R) combined with 5-FU extended median survival by 6.7 months or 29 weeks as compared to 4.6 months reported for best of care.
The Company’s targeted therapeutic compounds can also be used to treat other serious diseases, such as liver and kidney fibrosis. The Company has entered into research collaborations with the Mt. Sinai School of Medicine in New York to study the anti-fibrotic effects of the Company’s novel carbohydrate compounds on liver fibrosis; with the Brigham and Women’s Hospital in Boston to evaluate the anti-fibrotic effects of these compounds to treat acute and chronic kidney disease; and with the University of California at Davis and Fudan University in Shanghai to conduct anti-fibrosis tests.
Dr. Platt explained to Knobias, “DAVANAT (R) is our initial platform. In our human trials, DAVANAT(R) has shown the ability to increase survival and reduce the side effects of chemotherapy & biologics for end stage colorectal cancer patients after all other treatments have been exhausted. DAVANAT(R) also has shown superior response rates and significantly reduced side effects in patients when added to the standard therapy for colorectal cancer. We also have platforms for the treatment of fibrosis, drug delivery-siRNA, anti-microbial, and anti-fungal diseases.”
“We are unaware of anyone using carbohydrate technology to treat cancer. This technology is unique. There are few experts in the field, we have three of the top carbohydrate scientists who have written the definitive book on the subject. The use of carbohydrate technology is unique for drug design. This allows us to generate numerous patents and intellectual property. We have the capability to develop multiple platforms of multiple drugs. We can design drugs where there is an unmet medical need, such as liver fibrosis.”
Dr. Platt added, “We are working on a series of regional partnerships for distribution of DAVANAT(R). We will pursue a world wide partner for sales, marketing and distribution of our fibrosis drugs. We could start generating revenue in Q2 2009 for DAVANAT(R), depending on FDA approval. We could have a partnership for the fibrosis drugs with milestone payments by mid-2009.”
The Company has raised approximately $41 million in capital principally through the sale and issuance of common stock, preferred stock, common stock warrants, and debt securities in public and private offerings. From inception (July 10, 2000) through March 31, 2008, the Company has used cash of $35.2 million for operations. At March 31, 2008, the Company had $3.3 million of cash and cash equivalents available to fund future operations.
“We believe that our cash is sufficient to fund our operations into October 2008. Historically, our cash burn has been approximately $1.3 to $1.5 million per quarter, and we continually monitor the monthly burn rate of our capital resources. We are also seeking to identify new sources of capital and complete financing transactions in order to continue our research and development,” noted Dr. Platt.
He continued, “We are actively pursuing financing options that will allow us to continue our projects without interruption and achieve sales and marketing of DAVANAT(R). We are confident, although there are no assurances, we will receive the funds needed to complete the submission for DAVANAT(R), continue the pre-clinical trials to submit an IND for fibrosis, and continue work on our other, robust drug and delivery platforms.”
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