NEWTON, Mass.--(BUSINESS WIRE)--Pro-Pharmaceuticals, Inc. (Amex: PRW), today announced it has entered into definitive agreements with new and existing investors to raise gross proceeds of $3.775 million though a registered direct offering. Under terms of the agreements, the Company will sell 7,550,000 shares of its common stock at $0.50 per share. As part of the transaction, the investors also will receive warrants, with a five-year term, to purchase 7,550,000 shares of common stock at an exercise price of $0.70. Investors also will receive warrants, with a term of four months, to purchase a total of 3,020,000 of common stock with an exercise price of $0.67 per share. The warrants will not be exercisable until August 16, 2008.
